UBS initiated coverage of Steel Dynamics with a Neutral rating and $120 price target. The firm sees Fabrication margins trending lower across 2024 and sees U.S. flat rolled prices near a peak after a major restock move over the past several months, the analyst tells investors in a research note. The strong rally in U.S. sheet prices over the past several months sets the stage for better than forecast earnings into early 2024, though UBS expects sheet prices to reverse course in 1Q24 as imports accelerate, domestic supply recovers, and restocking tailwinds fade.
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