Jefferies Upgrades Commercial Metals Company (CMC) to Buy Following Trump Win
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Jefferies upgraded Commercial Metals Company (NYSE: CMC) from Hold to Buy with a price target of $20.00 following Trump victory.
Analyst Seth Rosenfeld commented, "The US steel industry should stand out as a unique beneficiary of a Trump presidency. Protectionism will significantly rise; the US is already short steel, and falling imports will improve domestic pricing power. In addition, increased infrastructure spend may significantly boost demand for long steel products. Steel price momentum has recently emerged and should extend further into 2017."
He added, "We upgrade CMC to Buy as the largest beneficiary of increased US infrastructure investment (construction is 52% of mix) and with increased hopes for an alleviation of rebar import pressure."
Shares of Commercial Metals Company closed at $16.99 yesterday.
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