UPDATE: Bank of America Downgrades Steel Dynamics to Neutral

According to Bank of America, Steel Dynamics

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.