UPDATE: Bank of America Downgrades Steel Dynamics to Neutral - Steel Dynamics (NASDAQ:STLD)

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According to Bank of America, Steel Dynamics (NASDAQ: STLD) is downgraded to Neutral.Bank of America said that it is downgrading STLD to Neutral from Buy as shares have outperformed the market and its peer group since early January. “Our $17/shr price objective uses 6x 2012/2013E blended EV/EBITDA, near a 6.3x through-the-cycle average multiple, and our DCF analysis. We continue to like STLD story longer term aside from the near-term pricing headwinds. We prefer ATI for growth and prefer valuation and defensiveness of RS and NUE.”Steel Dynamics closed yesterday at $16.26.

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