Credit Suisse upgraded Olympic Steel (NASDAQ: ZEUS) from Underperform to Outperform with a price target of $17.00 (from $12.00), saying the company is inflecting.

Analyst N. Littlewood commented, "ZEUS is favorably leveraged to both an anticipated reduction in US import volumes and an improvement in US steel prices. Global overcapacity, depressed raw material prices and a strong US$ mean the likelihood of both these drivers recovering in tandem is low. However, even if the steel price recovery is a muted one, we are confident that a reduction in import volumes is enough to drive this stock higher."

For an analyst ratings summary and ratings history on Olympic Steel click here. For more ratings news on Olympic Steel click here.

Shares of Olympic Steel closed at $13.70 yesterday.