Northland Capital Markets Starts Schnitzer Steel (SCHN) at Outperform

Northland Capital Markets analyst Gus Richard initiates coverage on Schnitzer Steel (NASDAQ: SCHN) with an Outperform rating and a price target of $80.00.

The analyst commented, "We believe demand for scrap metal is likely to be robust for the foreseeable future driven by infrastructure spending, transition to a low carbon economy, the low carbon footprint of recycling material, and a limited increase in virgin material. SCHN is a leading metal and auto recycler with a significant NA footprint. We expect multiple expansion as investors recognize SCHN's ESG credentials. We initiate with an OP rating and $80 PT based on 8x FY22 (Aug) adjusted EBITDA."

For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.

Shares of Schnitzer Steel closed at $51.20 yesterday.

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