Wells Fargo Upgrades Steel Dynamics (STLD) to Outperform

July 1, 2013 7:08 AM EDT Send to a Friend
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Price: $18.06 -0.88%

Rating Summary:
    16 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 48 | New: 12
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Wells Fargo upgraded Steel Dynamics (NASDAQ: STLD) from Market Perform to Outperform with a price target of $17-$19 (from $14-$17). Analyst Sam Dubinsky thinks the steel sector is due for a bounce.

"We believe the steel sector is due for a bounce due to firming sheet prices stemming from supply cuts, reductions in input costs, inventory restocking, and low expectations. While these tailwinds are likely temporary, we view the risk-reward as attractive enough to upgrade Steel Dynamics to Outperform from Market Perform . . . the company is best positioned in our view to capitalize on stronger spot sheet sales as well as well as declining input costs; expectations have also declined recently following the company's negative preview," said Dubinsky.

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

Shares of Steel Dynamics closed at $14.91 yesterday.

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