Steel Dynamics price target raised to $160 from $130 at Citi

Citi raised the firm’s price target on Steel Dynamics to $160 from $130 and keeps a Buy rating on the shares. The analyst updated steel models ahead of the mid-quarter guides. Investors remain bearish on Steel Dynamics mostly based on the fab slowdown, but there is far less talk on a potential $700m EBITDA swing at Sinton, the analyst tells investors in a research note. The firm says that while aluminum mill investment has risks, the company has a clear first-mover advantage.