Macquarie Upgrades Steel Dynamics (STLD) to Outperform, "Demand up; spreads look sustainable"
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Macquarie upgraded Steel Dynamics (NASDAQ: STLD) from Neutral to Outperform with a price target of $44.00 (from $38.00).
Analyst Aldo Mazzaferro sees demand improving and is bullish on the pricing against scrap costs as supply tightens, inventory remains low, and tariffs are steep.
He raises FY 2017 EPS estimate from $3.00 to $3.60, raises FY 2018 EPS estimate from $3.35 to $4.20 and raises FY 2019 EPS estimate from $3.70 to $4.60.
Shares of Steel Dynamics closed at $35.37 Friday.
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