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Jefferies positive on BlueScope, calls it 'key pick' in industrials

By Reuters News22:58 (UTC), 20 October 2026 Updated

** Jefferies maintains a "buy" rating on BlueScope Steel BSL.AX with an unchanged A$40 price target, calls the stock a key industrials pick

** Brokerage upgrades FY27 NPAT forecasts by 15%, to A$1.41 billion ($986.30 million) from A$1.23 billion

** Says robust US demand from data centres and non-residential construction continues to support the outlook, with the North American steel market expected to remain undersupplied until at least FY30

** Jefferies expects the company to return more than A$1 billion a year to shareholders through dividends and buybacks over FY27 and FY28

** Nine of 12 analysts rate the stock "buy" or higher and three "hold" with a median price target of A$36.25 — data compiled by LSEG

** Stock is up 44% YTD, as of last close

($1 = 1.4286 Australian dollars)

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