Steel Dynamics upgraded to Buy from Hold at Jefferies

Jefferies upgraded Steel Dynamics (STLD) to Buy from Hold with a price target of $145, up from $125. On the Q4 earnings call, management emphasized its near-term focus is to execute on the ramp-up of its organic growth, of which funding is largely complete, rather than the “aggressive pursuit” of new growth options, the analyst tells investors in a research note. The firm sees Steel Dynamics’ earnings and free cash flow likely rising from the contribution of these projects.