Jefferies Maintains a 'Buy' on Schnitzer Steel (SCHN); Outlook Optimistic...August Scrap Pricing Above Expectations
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Price: $33.20 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Jefferies maintains a 'Buy' on Schnitzer Steel (NASDAQ: SCHN) price target of $34.00.
Analyst, Luke Folta, said, "August scrap trends exceeded expectations, however, we note prices cooled with later sales and there were meaningful regional disparities. The outlook remains positive regarding both demand and pricing near term, though less so than a month earlier. Continued lackluster flows, despite higher August prices, in conjunction with expectations of improved exports following Ramadan are the chief catalysts expected to boost September pricing."
FY12 EPS estimate raised from $1.10 to $1.19
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 $29.29 yesterday.
Analyst, Luke Folta, said, "August scrap trends exceeded expectations, however, we note prices cooled with later sales and there were meaningful regional disparities. The outlook remains positive regarding both demand and pricing near term, though less so than a month earlier. Continued lackluster flows, despite higher August prices, in conjunction with expectations of improved exports following Ramadan are the chief catalysts expected to boost September pricing."
FY12 EPS estimate raised from $1.10 to $1.19
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 $29.29 yesterday.
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