BofA analyst Lawson Winder downgraded Steel Dynamics (STLD) to Neutral from Buy with a price target of $123, down from $140. The firm is shifting its preference in steel on the view that prices for HRC, Steel Dynamics’ primary product, are nearing a peak and prices for rebar, Commercial Metals’ (CMC) primary product, are set to inflect higher.
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Published first on TheFly
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Read More on STLD:
- Steel Dynamics price target raised to $106 from $92 at Credit Suisse
- Steel Dynamics Provides First Quarter 2023 Earnings Guidance
- Steel Dynamics sees Q1 adjusted EPS $3.78-$3.82, consensus $3.11
- Steel Dynamics downgraded to Neutral from Buy at Citi
- Steel Dynamics transferred with a Market Perform rating at BMO Capital