Jefferies Downgrades Commercial Metals Company (CMC) to Hold

Jefferies analyst Christopher LaFemina downgraded Commercial Metals Company (NYSE: CMC) from Buy to Hold with a price target of $70.00.

The analyst comments "We downgrade CMC from Buy to Hold due to valuation following the recent rally to a YTD high, a lower capital return trajectory due to recent announced acquisitions, and our more positive near-term fundamental view on flat-rolled steel vs rebar. Based on the pro forma company, we derive fair value for CMC in the $67-$70/sh range, depending on valuation methodology used (NPV, SoTP, Target EV/EBITDA). We maintain our $70/sh target price."

For an analyst ratings summary and ratings history on Commercial Metals Company click here. For more ratings news on Commercial Metals Company click here.

Shares of Commercial Metals Company closed at $59.72 yesterday.

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