Australia's BlueScope Steel rises; Jefferies 'understands' earnings pressure
** Shares of Australia's BlueScope Steel BSL.AX rise as much as 1.1% to A$20.17
** Analysts at Jefferies flag earnings pressure on the steel producer is "well understood" before re-rating the stock
** Brokerage has a current PT of A$18.03 and rates the stock "Underperform"
** Says earnings pressure due to a cyclical steel downturn in North American markets as well pressures in Asia due to weak property and construction markets
** Brokerage continues to view BSL as a high-quality global steel franchise
** However, sees limited upside at current levels for a mid-cycle valuation for BSL
** Stock has fallen 14.7% this year as of last close
Reporting by Rishav Chatterjee in Bengaluru
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