UPDATE: Credit Suisse Downgrades Steel Dynamics As Quality Comes At A Price

In a report published Monday, Credit Suisse analyst Nathan Littlewood downgraded the rating on

from Outperform to Neutral, but reiterated a $23.00 price target. In the report, Credit Suisse noted, “A recent Non-Deal Roadshow and trip to Fort Wayne (IN) to visit the Structural & Rail Division (SRD) and nearby Recycling assets confirmed our view that STLD is a high quality business run by highly capable people. We continue to believe that STLD is an attractive longer term holding. That said, recent share price outperformance leaves us on the sideline for now as we await a more attractive entry point. Our rating falls to NEUTRAL.” Steel Dynamics closed on Friday at $23.30.