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Steel Dynamics upgraded to Overweight from Sector Weight at KeyBanc

Steel Dynamics upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc analyst Phillip Gibbs upgraded Steel Dynamics (STLD) to Overweight from Sector Weight with a $155 price target as part of a broader research note on Metals & Mining. President Trump’s increasing threats to tax key trading partners of the U.S. should lift U.S. steel pricing sentiment over the next several months, the analyst tells investors in a research note. The firm adds that it is also more constructive on Steel Dynamics as the recent operational challenges at Sinton are turning, which supports “materially positive earnings revisions”. KeyBanc further notes that the stock trades at a “reasonable relative valuation” vs. its peers.

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