Market Overview

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

Share:
Related STLD
7 Biggest Price Target Changes For Tuesday
The Market In 5 Minutes: Lower Oil Prices, Higher Apple Watch Sales
Is Another Trump Jump Coming For This Top-Rated Building Stock? (Investor's Business Daily)

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
Dec 2016BerenbergUpgradesHoldBuy
Dec 2016Deutsche BankMaintainsBuy
Nov 2016JP MorganMaintainsOverweight

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)

View Comments and Join the Discussion!