JPMorgan analyst Bill Peterson raised the firm’s price target on Steel Dynamics to $93 from $82 and keeps an Underweight rating on the shares. Ahead of the Q2 results the analyst updated estimates with the firm’s revised steel and scrap price forecast. Underlying demand remains steady with buyers sticking to contract minimums and spot purchases hand-to-mouth in anticipation of further price deterioration, the analyst tells investors in a research note. The firm cites structurally improved downstream margins into 2024 for the target raise.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on STLD:
- Steel Dynamics announces outage at Sinton Texas Flat Roll Steel Mill
- Steel Stocks Wobble after Analyst Reconsiders
- Steel Dynamics downgraded to Neutral from Outperform at Exane BNP Paribas
- Citi opens ‘positive 30-day Catalyst Watch’ on Commercial Metals
- Steel Dynamics price target lowered to $115 from $120 at BMO Capital