Canaccord Genuity Maintains an 'Buy' on Schnitzer Steel (SCHN); August Quarter Earnings Preview

Canaccord Genuity maintains an 'Buy' on Schnitzer Steel (NASDAQ: SCHN) price target cut from $80 to $60.

Canaccord analyst, Eric Prouty, said, "We are buyers of SCHN ahead of the firm’s FQ4 (August) report. Our research suggests the company will report upside to our (and consensus) estimates for the August quarter based primarily on: 1) improving scrap flows; 2) continued healthy overseas demand; and 3) stronger-than-expected ferrous scrap pricing. While we remain positive on SCHN, we reset our target price to $60 on reduced market multiples."

"We see upside to our FQ4 revenue/EPS estimates of $954M/$1.20 and anticipate Schnitzer’s results will at least meet – if not exceed – the consensus forecast of $983M/$1.22."

For more ratings news on Schnitzer Steel click here and for the rating history of Schnitzer Steel click here.

Shares of Schnitzer Steel closed at $41.44 yesterday.

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