UPDATE: Bank of America Raises PO to $13.50 on Commercial Metals Company on FQ1 Results

Bank of America reiterated its Underperform rating on Commercial Metals Company (NYSE: CMC) but raised its price objective from $12 to $13.50.

Bank of America noted, "CMC's fiscal Q113 topped expectations on a solid U.S. mill and downstream performance, with adjusted EPS of $0.28, vs our $0.20 and consensus $0.17. … Mgmt highlighted growing signs of a U.S. construction recovery, but said a meaningful rebound was still “some time off.” Our channel checks suggest private non-res construction recovery may occur more in 2014, as limited public funding can crimp gov't spending, which accounts for ~2/3 of CMC construction demand."

Commercial Metals Company closed at $16.15 on Friday.

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