UPDATE: Goldman Sachs Lowers Schnitzer Steel Industries' PT
According to a research report published earlier today, Goldman Sachs has decreased Schnitzer Steel Industries' (NASDAQ: SCHN) PT from $47 to $37.
In the report, Goldman Sachs said, “We are lowering our SCHN 3QFY/4QFY12 earnings estimates to $0.60/$0.90 from $1.33/$1.29 on expectations of slower margin recovery in the scrap business. This shift lowers our FY2012E EPS to $2.10 from $3.23. We also lower our FY2013/FY2014 estimates to $4.45/$5.90 from $5.00/$6.00. The changes lower our 6-month P/E- and EV/EBITDA-based price target to $37 from $47. We maintain our Neutral rating on SCHN.”
Goldman Sachs maintains its Neutral rating on Schnitzer Steel, which is currently trading at $40.40.
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