Jefferies Cuts Price Targets & Estimates on Schnitzer Steel (SCHN) Following Earnings & Guidance

Jefferies is reiterating its Buy rating on shares of Schnitzer Steel (NASDAQ: SCHN) and is cutting its price target from $70 to $60.

The company released its Q4 results inline with the Street's expectations while being slightly ahead of the firm's estimates.

Management's Q1 guidance indicates a retraction in earnings quarter over quarter due to the recent rapid decline in ferrous and nonferrous prices and lower volumes for scrap and auto parts.

To go inline with market trends and the company's guidance, Jefferies is cutting its FY12 and FY13 EPS estimates from $5.15 and $6.21 to $4.35 and $5.85. The firm also reduced its revenue estimates for the two years from $3.78 billion and $3.9 billion to $3.62 billion and $3.86 billion.

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 $39.53 yesterday.

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