BMO Capital analyst David Gagliano raised the firm’s price target on Commercial Metals to $56 from $49 and keeps a Market Perform rating on the shares after its Q1 earnings beat. Given the uncertainty of construction-related demand, the company’s results were "solid" and supportive of his positive outlook for its resilient product mix, low cost structure, and strong balance sheet to position Commercial Metals well, the analyst tells investors in a research note. Gagliano adds however that while the stock is a "compelling investment" for those who want exposure to construction markets, shares are trading "near fair value".
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CMC:
- Commercial Metals reports Q1 EPS $2.20, consensus $1.96
- Commercial Metals Company Reports First Quarter Fiscal 2023 Results
- Commercial Metals Company Announces Quarterly Dividend of $0.16 Per Share
- Commercial Metals reinstated with a Neutral at BofA
- Commercial Metals selects West Virginia as site of fourth micro mill
