2303 GMT - BlueScope's earnings outlook has improved thanks to higher U.S. steel-price forecasts, Citi analyst Paul McTaggart says. "But we're not chasing the share price as we see PEs [price-to-earnings] compressing," he says in a note. Citi pares its target on BlueScope to A$25.00/share from A$26.50 previously. "While U.S. tariffs are enabling higher U.S. steel prices, there is a question on both duration and efficacy," says McTaggart. He reckons rising steel exports to the U.S. and higher domestic supply will limit what sort of multiple BlueScope investors are willing to pay for U.S. steel earnings. BlueScope, up 20% year to date, ended Wednesday at A$22.44. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
June 25, 2025 19:03 ET (23:03 GMT)
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