Deutsche Bank downgrades Mechel (MTL) to Hold
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Deutsche Bank downgrades Mechel (NYSE: MTL) from Buy to Hold with a $40 price target. The firm said, "Mechel has been the strongest performer in the Russian steel universe since the beginning of the year: its shares have risen 44% while the RTS index has declined 3% over the same period. However, with Mechel's share price approaching our 12-month target price of $40.0/ADS, we see further upside as limited. At current price levels, there is only 9% potential upside left and we are therefore downgrading Mechel to HOLD."
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