Commercial Metals Company (CMC) PT Raised to $34 at BMO Capital

June 18, 2021 8:30 AM EDT
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Price: $30.88 +0.59%

Rating Summary:
    5 Buy, 11 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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BMO Capital analyst David Gagliano raised the price target on Commercial Metals Company (NYSE: CMC) to $34.00 (from $32.00) while maintaining a Market Perform rating.

The analyst commented, "Following Q3'FY21 results, we are raising estimates and the target price to $34 from $32.Q3'FY21 and near-term outlook continue the trend of resilient profitability, with strong construction-related demand/order backlogs offsetting downstream cost pressures. While CMC has no exposure to record-high sheet prices (CMC is 100% long products), resilient construction-related demand in general and operating results in particular, coupled with lack of 'peak-of-cycle' earnings/multiple compression headwinds, justify well-above peer group multiples. The $34 target price represents 5.9x/6.5x FY'21E/FY'22E EV/EBITDA, vs. remaining peer averages of 2.5x/3.5x, respectively."

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