Market Overview

UPDATE: Bank of America Raises PO to $14 on Steel Dynamics on Guidance

Related STLD
Midday Gainers From September 17 - Auxilium Pharmaceuticals, Inc., Steel Dynamics, Inc. And More
Steel Stocks Rally On Strong Outlooks From Nucor Corporation, United States Steel Corporation

Bank of America reiterated its Neutral rating on Steel Dynamics (NASDAQ: STLD) but raised its price objective from $13 to $14.

Bank of America commented, "STLD said it expected flat overall Q4 shipments in its steel mill business as sheet volumes rise q/q to offset weakness at its bar divisions, where SBQ margins have weakened. Sheet products account for 50-60% of STLD sales and are primarily spot-based. After Q3, mill earnings look to be the lowest since 2010 and our channel checks indicate the latest price hike has not stuck for benchmark HRC at $610-630/st."

Steel Dynamics closed at $13.76 on Monday.

Latest Ratings for STLD

DateFirmActionFromTo
Aug 2014Bank of AmericaReiteratesBuy
Aug 2014Cowen & CompanyMaintainsOutperform
Aug 2014Credit SuisseDowngradesOutperformNeutral

View More Analyst Ratings for STLD
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (STLD)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional