Commercial Metals price target raised to $52 from $50 at BMO Capital

BMO Capital analyst Katja Jancic raised the firm’s price target on Commercial Metals to $52 from $50 but keeps a Market Perform rating on the shares. The company’s Q2 earnings are expected to decline sequentially but likely represent a FY24 trough, the analyst tells investors in a research note. Commercial Metals’ growth investments, product mix, and low-cost structure position it well to benefit from longer-term construction and infrastructure tailwinds, even though the current valuation on the stock appears full, the firm states.