DA Davidson Downgrades Schnitzer Steel (SCHN) to Underperform; Cutting Numbers on Soft Market
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Price: $33.20 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
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DA Davidson downgraded Schnitzer Steel (NASDAQ: SCHN) from Neutral to Underperform, price target lowered from $40 to $26.
Analyst, Brent Thielman, said, "As anticipated, yesterday afternoon Schnitzer Steel provided an outlook for its third fiscal quarter, ending May 31st. Schnitzer does not provide specific earnings guidance although does provide expectations for its business segments. Of particular note, the company expects Metals Recycling Business (MRB) operating margins to be in a range of $8-$11 per ton. This comes after indicating on its April 5th conference call margins in MRB were trending above levels achieved in Q2 ($15 per ton). Softening market/pricing conditions since early April appear to have more than offset positive trends experienced earlier in the quarter."
Lowers Q3 EPS from $0.74 to $0.18, Q4 from $1.03 to $0.20 and FY12 from $2.38 to $0.98.
For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $32.34 yesterday.
Analyst, Brent Thielman, said, "As anticipated, yesterday afternoon Schnitzer Steel provided an outlook for its third fiscal quarter, ending May 31st. Schnitzer does not provide specific earnings guidance although does provide expectations for its business segments. Of particular note, the company expects Metals Recycling Business (MRB) operating margins to be in a range of $8-$11 per ton. This comes after indicating on its April 5th conference call margins in MRB were trending above levels achieved in Q2 ($15 per ton). Softening market/pricing conditions since early April appear to have more than offset positive trends experienced earlier in the quarter."
Lowers Q3 EPS from $0.74 to $0.18, Q4 from $1.03 to $0.20 and FY12 from $2.38 to $0.98.
For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $32.34 yesterday.
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