KeyBanc Capital analyst Philip Gibbs raised rating- $10 target

TMST surged higher on very heavy volume, after KeyBanc Capital analyst Philip Gibbs said it's time to buy the steel maker's stock as the macro recovery is unfolding.

Gibbs raised his rating to overweight, after being at sector weight since July 2018, and set a $10 target for the stock, which is 19.8% above current levels. Gibbs said his new bullish view "post due diligence" reflects the macroeconomic recovery, better contract and spot pricing and widening raw material spreads, as well as "self-help," which includes cost cuts. The latest available data showed that short interest was 9.72% of the public float.