Steel Dynamics price target raised to $118 from $100 at JPMorgan

JPMorgan analyst Bill Peterson raised the firm’s price target on Steel Dynamics to $118 from $100 and keeps an Underweight rating on the shares. The analyst expects improved earnings quarter-over-quarter in Q1 on higher realized lagged contract pricing and seasonally stronger shipments, namely for sheet products. The firm feels integrated steel mills could see better than expected auto shipments offset weak service center activity while mini mills should see further easing in downstream earnings driven by both seasonality and realized pricing yet to stabilize.