KeyBanc Starts Commercial Metals Company (CMC) at Hold; Strong Core, But No Catalyst

July 20, 2012 7:11 AM EDT Send to a Friend
Get Alerts CMC Hot Sheet
Price: $16.59 +3.62%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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KeyBanc initiates coverage on Commercial Metals Company (NYSE: CMC) with a Hold.

Analyst, Philip Gibbs, said, "The Company has been successful in improving the competitiveness of core assets, divesting non-core assets and growing cash reserves/liquidity, offering longer-term opportunities for value enhancement. However, with CMC's growth largely tied to improvement to a challenged U.S. non-residential construction market, we believe shares lack of a meaningful upside catalyst; we have shaded our 4Q12 (August) and FY13 EPS estimates of $0.25 and $1.35 below Street expectations of $0.30 and $1.52, respectively. We see shares in a $11-$15 range until the macro pieces fall into place for a stronger recovery."

For an analyst ratings summary and ratings history on Commercial Metals Company click here. For more ratings news on Commercial Metals Company click here.

Shares of Commercial Metals Company closed at $12.87 yesterday.


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