Jefferies Cuts Numbers on Schnitzer Steel (SCHN)

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Jefferies cut estimates and its price target on Schnitzer Steel (NASDAQ: SCHN) from $53 to $34, but maintained their Buy rating.

The firm cited the recent deterioration in steel/scrap pricing and a more cautious outlook for global demand.

Q3 EPS goes from $0.59 to $0.22 and FY12 EPS goes from $1.95 to $0.92.

For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.

Shares of Schnitzer Steel closed at $24.41 yesterday, with a 52 week range of $22.78-$59.06.

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