BMO Capital analyst Katja Jancic lowered the firm’s price target on Steel Dynamics to $135 from $140 and keeps a Market Perform rating on the shares after its below-consensus Q2 pre-announcement. No specific outlook commentary was provided, other than Steel Dynamics flagging that the underlying steel demand remains intact, even though BMO’s own view is that demand has softened, the analyst tells investors in a research note. Given the weaker-than-expected Q2 outlook coupled with ongoing pricing headwinds, the firm believes that the Steel Dynamics Q3 results are likely to decline further, BMO added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on STLD:
- Steel Dynamics Unveils Q2 2024 Earnings Guidance Preview
- Steel Dynamics sees Q2 EPS $2.64-$2.68, consensus $2.97
- Steel Dynamics Provides Second Quarter 2024 Earnings Guidance
- Steel Dynamics price target lowered to $140 from $145 at Seaport Research
- Jefferies’ U.S. Steel (NYSE:X) Buy Rating Suggests a Positive Economic Outlook