Canaccord Genuity Maintains a 'Buy' on Sims Metal Management (SMS); H2 F2011 Results Tracking Well Ahead Of Our Expectations

Canaccord Genuity maintains a 'Buy' on Sims Metal Management (NYSE: SMS), PT
A$24.

Canaccord analyst says, "Sims’s results for the second half of F2011 are tracking well ahead of our estimates, benefiting from stronger scrap flows and improved metal spreads. While we maintain our estimates for now pending next week’s official earnings release, we see upside to our F2011 forecast...In announcing the preliminary results, Sims pointed to improved intake volume, particularly in the key North American market, as well as “another strong performance” by SRS, its e-cycling business."

For more ratings news on Sims Metal Management click here and for the rating history of Sims Metal Management click here.

Shares of Sims Metal Management closed at $18.08 yesterday.

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