UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Steel Dynamics

In a report published Monday, Citigroup reiterated its Buy rating on Steel Dynamics

, but lowered its price target from $18.00 to $16.00. Citigroup noted, “We are lowering our 4Q estimate to $0.12 compared to consensus of $0.11 after incorporating QTD scrap and steel prices. We are also lowering our 2013 estimate to $1.10 from $1.90 and 2014 estimate to $1.50 from $1.95 on lower volume growth expectations given the recent decline in manufacturing readings. Based on our estimate revisions, our target price declines to $16/sh from $18/sh. No change to our Buy rating.” Steel Dynamics closed on Friday at $13.58.