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UPDATE: D.A. Davidson Downgrades Schnitzer Steel Industries On Clouded Recovery Prospects

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In a report published Monday, D.A. Davidson analyst Brent Thielman downgraded the rating on Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) from Buy to Neutral, and lowered the price target from $34.00 to $25.00.

In the report, D.A. Davidson noted, “An uphill battle as macroeconomic trends cloud MRB recovery prospects. While we have long believed inherent earnings power at Schnitzer has not been fully appreciated at current (and even recently higher) price levels, a broader recovery in profit margins at its core Metals Recycling Business (MRB) has become increasingly clouded amidst broader international economic softness and rapidly declining oil prices.”

Schnitzer Steel Industries closed on Friday at $22.01.

Latest Ratings for SCHN

DateFirmActionFromTo
Jan 2019DowngradesBuyNeutral
Jan 2019Initiates Coverage OnMarket Perform
Sep 2018MaintainsNeutralNeutral

View More Analyst Ratings for SCHN
View the Latest Analyst Ratings

Posted-In: Brent Thielman D.A. DavidsonAnalyst Color Downgrades Analyst Ratings

 

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