Nippon Steel & Sumitomo Metal Corp. (OTCMKTS:NSSMY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $23.00 target price on the stock. Zacks Investment Research’s price target indicates 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. “

Nippon Steel & Sumitomo Metal Corp. (OTCMKTS:NSSMY) opened at 20.53 on Wednesday. Nippon Steel & Sumitomo Metal Corp. has a 1-year low of $16.01 and a 1-year high of $23.08. The firm has a 50-day moving average price of $20.45 and a 200-day moving average price of $20.08. The firm has a market capitalization of $1.81 billion, a PE ratio of 3.34 and a beta of 1.05.

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