RBC Capital Markets raised its price target on Algoma Steel Group (ASTL.TO) to CA$7 from CA$6 on Monday.

Analyst James McGarragle maintained a sector perform rating on shares of the Canadian steel producer, reducing his Q3 and 2026 EBITDA estimates.

"We remain focused on the 2027 EBITDA trajectory, as we expect higher steel prices and improved fixed cost absorption on recovering volumes to drive an earnings inflection," McGarragle said in a note to clients. "We continue to view tariff normalization as the key re-rating catalyst for Algoma."

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