UPDATE: Bank of America Upgrades Commercial Metals Company on Near-Term Catalysts
In a report published Friday, Bank of America analyst Timna Tanners upgraded the rating on Commercial Metals Company (NYSE: CMC) from Underperform to Neutral, and raised the price target from $13.50 to $16.50.
In the report, Bank of America noted, “We upgrade long products-focused steelmaker Commercial Metals (CMC) to Neutral from Underperform as we believe near-term catalysts can help justify recent trading levels. At the same time we think a U.S. non-res construction recovery is somewhat baked in already. Non-res growth is likely by H214/2015. Balance sheet improvement has been limited with net debt to cap stubbornly ~40% and we are unclear on management's ‘self-help' efforts to grow the company.”
Commercial Metals Company closed on Thursday at $16.15.
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