Credit Suisse raised the firm’s price target on Steel Dynamics to $106 from $92 and keeps an Outperform rating on the shares. Steel Dynamics Q1-2023 guide exceeded Street expectations owing to volume/cost down leverage in the Mills segment and better Recycling earnings, the firm notes. Credit Suisse expects strong momentum heading into Q2-2023 as HRC prices push to $1,200/st and demand reaches a seasonal peak.
Published first on TheFly
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Read More on STLD:
- 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
- Steel Dynamics increases quarterly dividend 25% to 42.5c per share
