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Salzgitter: BofA upgrades 'very inexpensive' shares

( - Bank of America said it upgraded Salzgitter to "neutral" from "underperform," as part of a cautious note on the European steel industry.

While the brokerage said it has become bearish on the outlook for steel prices as the global macro backdrop weakens, it also pointed out that Salzgitter shares are "very inexpensive," trading at already trough P/B multiple

BofA raised its price target on the stock to 27 euros.

Shares of Salzgitter, a steelmaker based near Hannover, lost 3.1 percent on the Frankfurt Stock Exchange Thursday.

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