Worthington Steel price target raised to $40 from $39 at KeyBanc

KeyBanc raised the firm’s price target on Worthington Steel to $40 from $39 and keeps an Overweight rating on the shares. Following its tour of the company’s Columbus Steel operations and meeting with management, including CEO Geoff Gilmore and CFO Tim Adams, the firm is also modestly raising its EPS estimates. KeyBanc cites improved near-term value-added spreads and increased potential for accretive M&A. KeyBanc maintains that a longer-term range for the stock is $40-$50 assuming favorable execution on growth initiatives.