Worthington Steel initiated with a Neutral at Seaport Research

Seaport Research analyst Martin Englert initiated coverage of Worthington Steel with a Neutral rating and no price target. The analyst views the company’s secular opportunities positively but acknowledges the inherent volatility in its core steel-processing business “that is expected to lead to a bumpy ride.” Worthington has secular growth in electric vehicles and vehicle light-weighting, but its progress is difficult to monitor without incremental disclosure, the analyst tells investors in a research note.