Steel Dynamics price target raised to $120 from $109 at BMO Capital

BMO Capital analyst David Gagliano raised the firm’s price target on Steel Dynamics to $120 from $109 but keeps a Market Perform rating on the shares after its Q4 earnings beat. The company remains well-positioned to benefit from continued downstream steel fabrication strength, recovering sheet steel prices/lower mill costs, and improved profitability at Sinton, though its resilient outlook is nearly fully factored into the shares, the analyst tells investors in a research note.