Schnitzer Steel downgraded to Sell from Neutral at Seaport Research

Seaport Research analyst Martin Englert downgraded Schnitzer Steel to Sell from Neutral with a $17.50 price target after considering near-term scrap market trends and the firm’s medium-term expectations. The firm believes the scrap market is seeing incremental pressure heading into March, that West Coast export volumes appear pressured for fiscal Q2, and hat recycling spreads will likely remain under pressure until economic activity improves and interest rates settle lower, the analyst tells investors.