Goldman Sachs Maintains Neutral Rating, $33 PT for Schnitzer Steel Industries

In a company update published earlier today, the Goldman Sachs Group, Inc. maintained its Neutral rating and $33.00 price target for Schnitzer Steel Industries, Inc.

. Goldman Sachs went on to say “We are lowering our 3QFY12 estimate to $0.28 from $0.60 based on weaker than expected guidance released by SCHN after market close. Consensus was at $0.71. The company noted that soft global demand for scrap, a continued slow recovery of the US economy, and weaker spring scrap flows led to tighter supplies and compressed margins. Our six-month P/E- and EV/EBITDA-based target price is lowered to $33 from $37 on our lowered estimates.” Schnitzer Steel Industries, Inc. closed yesterday at $32.34.