Steel Dynamics downgraded to Neutral from Outperform at Exane BNP Paribas

Exane BNP Paribas analyst Tristan Gresser downgraded Steel Dynamics to Neutral from Outperform with a $102 price target. The analyst sees “powerful demand forces at play” for the U.S. construction-exposed steelmakers and a “uniquely strong” outlook for rebar and plate. The firm is turning more selective in steel on product mix, coalescing into a “once-in-a-lifetime event de-risking years of performance.”