Auriga Maintains a 'Hold' on Schnitzer Steel (SCHN); Cutting Estimates on Lowered Outlook

Auriga maintains a 'Hold' on Schnitzer Steel (NASDAQ: SCHN) price target lowered from $44 to $36.

Analyst, Dan Whalen, said, "Schnitzer Steel (SCHN) announced its market outlook for the fiscal 3Q12 quarter (May), which we believe translates to a sequential earnings decline. Consequently, we are drastically reducing our fiscal 3Q12 EPS estimate, which is slightly below consensus, from $0.70 to $0.25. We are also reducing our full-year fiscal 2012 and 2013 EPS estimates from $2.25 and $4.40 to $1.30 and $3.75, respectively. The revisions are being driven by ongoing top-line headwinds from the current economic environment, which is being compounded by increases in costs for raw materials."

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 $32.34 yesterday.

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