Canaccord Genuity Reiterates a 'Buy' on Schnitzer Steel (SCHN); Growth Strategies Show Promise
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Price: $33.20 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Schnitzer Steel (NASDAQ: SCHN), PT $80.
Canaccord analyst, Eric Prouty, said, "Solid May quarter results reflected significantly higher scrap volumes, growth in auto parts, and a return to operating profitability within the steel manufacturing segment. We conclude the company’s investments in acquisitions and advanced separation technology have the potential to drive both volumes and margins, which we believe will become more readily apparent when the domestic economy experiences a more meaningful recovery. We slightly lower our F2012 EPS estimates, but increase our F2013 forecast."
For more ratings news on Schnitzer Steel click here and for the rating history of Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $57.60 yesterday.
Canaccord analyst, Eric Prouty, said, "Solid May quarter results reflected significantly higher scrap volumes, growth in auto parts, and a return to operating profitability within the steel manufacturing segment. We conclude the company’s investments in acquisitions and advanced separation technology have the potential to drive both volumes and margins, which we believe will become more readily apparent when the domestic economy experiences a more meaningful recovery. We slightly lower our F2012 EPS estimates, but increase our F2013 forecast."
For more ratings news on Schnitzer Steel click here and for the rating history of Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $57.60 yesterday.
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