Commercial Metals price target raised to $58 from $55 at BofA

BofA raised the firm’s price target on Commercial Metals to $58 from $55 and keeps a Buy rating on the shares. With several indicators pointing to stronger U.S. infrastructure spending in 2024, the firm is constructive on U.S. steel rebar pricing and calls out Commercial Metals as its top 2024 stock pick among the firm’s North American steel coverage.