Nomura Securities Reiterates 'Buy' on Steel Dynamics (STLD); Expected Seasonal Rally in Steels at Year End

Nomura Securities reiterates a 'Buy' on Steel Dynamics (NASDAQ: STLD) price target of $18.00.

Analyst, Curt Woodworth, said, "Total mill shipments have improved by 4.3% QoQ and 5.7% YoY, but more prominently, SDI’s sheet product shipments have grown by 9.4%, despite flat to declining sequential shipments from other competitors that have reported thus far. The increase in flat rolled shipment was driven mainly by a 14% QoQ increase in value-added products, with pickled and painted products’ volumes rising by the most, up 39%. On the other hand, while long product volume has declined sequentially by 0.7% sequentially, it is still up by 9.7% YoY, as the company continues to optimize its operations through product diversification. Since mid-May, steel industry capacity utilization rates have fallen from 78.7% in Q2 to the current rate of 74.3%, primarily due to a seasonal slowdown in manufacturing demand."

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 $11.96 yesterday.

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