Citi analyst Alexander Hacking opened a “positive 30-day Catalyst Watch” on shares of Commercial Metals (CMC) while keeping a Neutral rating on the name with a $56 price target. The company presented a “compelling case” that 2024 could be as good as 2023, the analyst tells investors in a research note. Commercial’s downstream backlog is bigger today in tons and dollars than a year ago, and that is a very strong 12-month leading indicator, says Citi. The firm believes upcoming earnings commentary from Nucor (NUE) and Steel Dynamics (STLD) could boost sentiment on construction steel for 2024.
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Published first on TheFly
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