BofA upgraded Commercial Metals (CMC) to Buy from Neutral with a price target of $60, up from $56. The firm is shifting its preference in steel on the view that prices for HRC, Steel Dynamics’ (STLD) primary product, are nearing a peak and prices for rebar, Commercial Metals’ primary product, are set to inflect higher. Commercial Metals should benefit from declining imports and incremental demand from higher infrastructure spending and reshoring-oriented industrial projects, the firm added.
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Published first on TheFly
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