BMO Capital raised the firm’s price target on Steel Dynamics to $120 from $110 and keeps a Market Perform rating on the shares. The analyst cites the company’s above-consensus mid-quarter update for Q1 as it indicated that demand from the non-residential construction sector remains solid and fabrication backlog now extends into Q3 of 2024. Steel Dynamics has a solid pipeline of growth projects that will drive through-cycle earnings higher over time, the firm tells investors in a research note.
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