Commercial Metals Company (CMC) PT Lowered to $77 at BMO Capital on lower assumed multiples

BMO Capital analyst Katja Jancic lowered the price target on Commercial Metals Company (NYSE: CMC) to $77.00 (from $80.00) while maintaining a Market Perform rating.

The analyst commented: "Near-Term Earnings Moving Higher; Precast Businesses in Focus; CMC delivered largely in-line Q3 earnings and slightly better Q4 outlook versus our estimate. Meanwhile, the integration of the two precast businesses remains on track; however, pockets of regional softness impacted Q3 shipments/earnings. This is expected to be temporary, but it does raise some outlook concern in our view. We are making minor estimate adjustments and reducing our target price to $77 on lower assumed multiples."

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