Goldman Sachs Downgrades Schnitzer Steel (SCHN) to Sell
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Goldman Sachs analyst Matthew Korn downgraded Schnitzer Steel (NASDAQ: SCHN) from Neutral to Sell with a price target of $23.00 (from $27.00).
The analyst comments "Schnitzer Steel has done a good job, in our opinion, at diversifying its geographical market, upgrading the quality of its scrap offerings, and improving operational efficiency. These key strategic initiatives have become even more important over the last two years as China continues to evolve in its role as a key customer in the global scrap markets (i.e., adding tariffs, quality/environmental thresholds, and outright bans on certain forms of scrap). Notably, the fiscal YTD 24% improvement in per-ton margins in the Automotive and Metals Recycling division (AMR) has been impressive through a fairly mediocre metals pricing environment. However, scrap markets are now showing signs of further weakening, and we are concerned that these deteriorating conditions add risk to SCHN’s earnings profile."
Shares of Schnitzer Steel closed at $23.53 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Seven Group Holdings Limited (SVW:AU) (SVNWF) PT Raised to AUD27.50 at Credit Suisse
- ESR Cayman Ltd (1821:HK) (ESRCF) PT Raised to HK$29.20 at Morgan Stanley
- Industrial Bank of Korea (024110:KS) PT Raised to KRW10,000 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesGoldman Sachs, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!