Markets & Finance

Sanders Morris Ups Lone Star to 'Hold'

Sanders Morris upgraded Lone Star Technologies (LSS) to hold from underperform.

Analyst Robert Ford says he upgraded on a psychological boost stemming from the likelihood that the Bush Administration will eliminate steel tariffs. He doesn't expect potential tariff elimination to impact Lone Star's profitability until the second half of 2004, as prices for hot rolled bands are not likely to decline until then.

But Ford sees upside to the stock near term on positive sentiment. He sees a $1.39 2003 loss, and narrowed the $1.18 2004 loss estimate to a $1.07 loss.

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