In a report published Wednesday, BMO Capital Markets analyst Meredith Bandy initiated coverage on Steel Dynamics STLD with a Market Perform rating and $18.00 price target.
In the report, BMO Capital Markets noted, “BMO Research is initiating coverage of Steel Dynamics with a Market Perform rating and US$18 target price. Steel Dynamics looks more attractive based on P/E and FCF yield, but less so on P/NPV and EV/EBITDA. The balance sheet appears reasonable, but there is potential for dilution from a convertible bond due 2014. The company is leveraged to construction (residential and nonresidential) and automotive markets that have largely already rebounded.”
Steel Dynamics closed on Tuesday at $17.24.
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