Jefferies raised its rating on stainless‑steel producer Aperam from “hold” to “buy”, citing valuation dip and policy‑driven growth.\\nShares rose nearly 2% after the upgrade, with a €47 price target implying a 17% upside from the €40.08 close.\\nJefferies forecasts 2026 EBITDA €484 million, rising to €650 million in 2027, and expects Q1 2026 EBITDA €86 million versus €67 million prior quarter.\\nThe broker projects €200 million EBITDA boost from EU CBAM and trade‑defence policies and €150 million self‑help gains via Leadership Journey Phase 6.