The ratings upgrade was part of a Credit Suisse research report issued to investors on Friday. The appraisal came as a surprise, as other investment firms had recently downgraded Mechel’s stock, according to AmericanBankingNews.com.
As part of a March 29 report, analysts at UBS lowered the company’s rating from “buy” to “neutral,” and a month earlier, USBC gave Mechel stock an “overweight” rating. Analysts at Zacks provided a research note to investors on February 3, downgrading Mechel from a “neutral” rating to an “underperfom” rating.
Credit Suisse on Friday also upgraded Serverstal from “neutral” to “outperform,” and upgraded both Kumba Iron Ore and Novolipetsk from “underperform” to “neutral.”
Shares of Mechel were down 0.64 percent at $9.35 on Friday during mid-day trading. The stock has had a one-year low of $7.76 and a one-year high of $29.15, AmericanBankingNews.com reports.
Mechel is headquartered in Moscow and is one of Russia’s largest mining and metallurgical companies. The company is heavily involved in the production of coal, iron ore concentrate, nickel, ferrochrome, ferrosilicon, steel, rolled steel products and electric power.