BofA Securities analyst Lawson Winder reiterated a Buy rating and $165.00 price target on Steel Dynamics (NASDAQ: STLD)

The analyst comments "guidance, BofAe, and consensus estimates. While segment results were largely in-line to BofAe, non-segment/corporate expenses where higher than expected. However, this was more than offset by lower taxes (resulting in an EPS beat). STLD expects imports to decline in 2025, mainly driven by the ongoing corrosion resistant (CORE) steel trade case. This coupled with steady-to-improving demand are to provide “a positive commercial environment for 2025”. Further, STLD should benefit from a turnaround in performance at Sinton (operating income guided to turn positive in H1’25) and the ramp-up of its value-add lines. STLD should see free cash flow (FCF) inflect in 2025 as it completes its aluminum rolling mill (guided to turn EBITDA positive in H2). Maintain Buy."

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Shares of Steel Dynamics closed at $122.89 yesterday.