Shares of steel companies surged again Monday, after Morgan Stanley turned bullish on the sector, saying Donald Trump’s election win makes the sector investible for the first time in a decade.

Analyst Evan Kurtz said he believes President-elect Trump’s promises of increased infrastructure spending and trade protection could push the U.S. steel market into “meaningful undersupply” for the first time since the global financial crisis in 2008 to 2009.

While specificity and details are still scarce, “we believe Trump’s plans for infrastructure spending and trade protection, as two of the most digestible of his proposals, could be early in the queue,” Kurtz wrote in a note to clients. “These policies should benefit the U.S. steel industry by both adding to demand and curbing import supply.”

U.S. Steel Surges; Can Industry Rise Again?

As a result, Kurtz upgraded both U.S. Steel Corp. X, -3.75% and AK Steel Holding Corp. US:AKS to overweight from equal weight. He more than doubled the price targets for their shares, to $48 from $19 for U.S. Steel and to $11 from $5 for AK Steel.

Kurtz also upgraded Cliffs Natural Resources Inc. CLF, -3.45% to equal weight from underweight, and tripled his stock price target to $9 from $3.

“ “For the first time in a decade, we see a credible long-term investment case for steel equities.” ” — Analyst Evan Kurtz at Morgan Stanley

He maintained his overweight rating on Steel Dynamics Inc.’s STLD, -1.32% stock, and his equal weight ratings on Nucor Corp. NUE, -2.21% and Commercial Metals Co. CMC, +1.07% shares.

“We conservatively estimate Trump’s $550 billion stimulus plan would increase steel demand by 20% annually for five years,” Kurtz wrote. “We calculate an incremental 22 million tons of demand in each year the program is in effect.”

AK Steel’s stock soared 10% in active trade to the highest close level since Oct. 31, 2014. It has now rocketed 62% amid a nine-session win streak, the longest such stretch since February 2008, and has run up 36% since election day.

Volume hit 37.9 million shares, or nearly double the full day average.

U.S. Steel shares shot up 8.1% to the highest close since Dec. 19, 2014, and have soared 56% during an eight-session win streak, and 33% since the election.

In comparison, the SPDR Materials Select Sector exchange-traded fund XLB, -2.93% has gained 2.1% since the election, while the S&P 500 index SPX, -2.37% has tacked on 1.2%.

Cliffs shares climbed 3.4% to bring its postelection gain to 24%.

Shares of Steel Dynamics Inc. gained 2.7%, of Nucor rallied 1.5% and of Commercial Metals climbed 4.4%, with all on track for the highest closes in about eight years.

“For the first time in a decade, we see a credible long-term investment case for steel equities,” Kurtz said.