Goldman Sachs analyst Emily Chieng downgraded Steel Dynamics to Neutral from Buy with a price target of $118, up from $114. The analyst cites valuation for the downgrade with the shares up 57% since Goldman’s upgrade to Buy on October 6, 2022. In addition, earnings in Steel’s Fabrication segment are beginning to plateau, the analyst tells investors in a research note. Goldman remains constructive on both the broader outlook for U.S. steel demand and the business fundamentals, but sees limited share upside at current levels.
Published first on TheFly
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