Citi Downgrades Commercial Metals Company (CMC) to Neutral Citing Valuation

Citi analyst Alexander Hacking downgraded Commercial Metals Company (NYSE: CMC) from Buy to Neutral with a price target of $21.00 (from $22.00).

The analyst comments "We downgrade CMC from Buy rating to Neutral as we believe the stock is now fairly valued after a strong rebound from March troughs. In addition, we believe operational improvements from the Gerdau acquisition, fabrication margin recoveries and capacity growth have already been fully priced in both our estimates and the consensus. Hence our downgrade to Neutral based on our normalized earnings estimate and multiples in-line with historical average.:

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 $20.31 yesterday.

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