Nippon Steel & Sumitomo Metal Corp. (OTCMKTS:NSSMY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $23.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.03% from the stock’s previous close.

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 20.53 on Wednesday. The company’s 50 day moving average price is $20.45 and its 200 day moving average price is $20.08. Nippon Steel & Sumitomo Metal Corp. has a 12-month low of $16.01 and a 12-month high of $23.08. The firm has a market cap of $1.81 billion, a P/E ratio of 3.34 and a beta of 1.05.

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