Evraz Plc (EVR), the largest steelmaker in Russia by output, headed for the fourth-worst decline on the FTSE 100 Index in London after Alfa Bank cut its recommendation to the equivalent of sell, citing “high leverage.”
Evraz fell 4.4 percent to 238 pence by 4:08 p.m. in London.
The company’s “high” debt level places the stock in “danger of underperformance,” Alfa analysts led by Barry Ehrlich, said in an e-mailed research note. Alfa cut the stock to underweight, the equivalent of sell.
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