Zacks Investment Research upgraded shares of Nippon Steel & Sumitomo Metal Corp. (OTCMKTS:NSSMY) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $23.00 target price on the stock.

According to Zacks, “Nippon Steel Corporation engages in steelmaking, engineering & construction, urban development, chemicals, new materials and system solutions. The Steelmaking and Fabrication operations at Nippon Steel offers steel as well as an assortment of solutions, including processing and welding. The engineering technologies could be applied in construction projects, ranging from steel, environmental and energy plants to buildings and long-span bridges. The urban development engages in transformation of low use urban districts in major cities and the sale of condominium complexes. Chemical Group undertakes operations that enhance the coal chemicals business with petrochemicals. Its new materials business supply materials solutions. NS Solutions is a source of integrated services, from system designing to subsequent development and operations. Its products include Plates, Sheets, Bars and Wire Rods, Shapes, Pipe and Tubes and Titanium. Nippon Steel Corporation is headquartered in Tokyo, Japan. “

Shares of Nippon Steel & Sumitomo Metal Corp. (OTCMKTS:NSSMY) opened at 19.59 on Wednesday. The stock’s 50 day moving average is $20.45 and its 200-day moving average is $20.09. The stock has a market cap of $1.73 billion, a PE ratio of 3.19 and a beta of 1.05. Nippon Steel & Sumitomo Metal Corp. has a 12-month low of $16.01 and a 12-month high of $23.08.

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