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