Jefferies Downgrades Steel Dynamics (STLD) to Hold, Sees Material Pull Back in Steel Prices

September 18, 2012 7:10 AM EDT
Get Alerts STLD Hot Sheet
Price: $35.61 -0.61%

Rating Summary:
    17 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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Jefferies downgraded Steel Dynamics (NASDAQ: STLD) from Buy to Hold with a price target of $13.50 (from $15.00).

The analyst comments, "With U.S. steel prices poised for a (likely material) pull back and following recent expansion in valuations, we recommend investors reduce exposure to steel equities and have downgraded 4 stocks (STLD, WOR, RS, and SCHN) where we see risk-reward balanced near term. We maintain BUY ratings on the most defensive (NUE) and undervalued (GTI, MUSA, ZEUS) stocks within the group."

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 $12.41 yesterday.

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