Citi Upgrades Steel Dynamics (STLD) to Buy, 'a good combination of growth and value'

Citi analyst Alexander Hacking upgraded Steel Dynamics (NASDAQ: STLD) from Neutral to Buy with a price target of $130.00.

The analyst comments "STLD trades at 5.1x EBITDA and 6% FCF on Citi 2024E. We downgraded STLD earlier this year on risk to Fab earnings – still a concern but seems priced into consensus now. We continue to like the business model of US minimills – the biggest recycling co’s in the world – and see STLD with a good combination of growth and value."

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 $101.10 yesterday.

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