Commercial Metals downgraded at Wolfe on more cautious U.S. outlook

As previously reported, Wolfe Research analyst Tinma Tanners downgraded Commercial Metals to Peer Perform from Outperform and removed the firm’s prior $62 price target on the shares, citing a more cautious U.S. construction outlook, plus a tougher landscape for its Polish mill. New capacity can support volume on the margin, but the firm does not expect sufficient demand for it to run at full capacity, the analyst tells investors.