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Fly News Breaks for January 14, 2019
SCHN
Jan 14, 2019 | 06:19 EDT
Goldman Sachs analyst Matthew Korn downgraded Schnitzer Steel to Neutral and lowered his price target for the shares to $27 from $33. Management acknowledged in the company's fiscal Q1 results that severe deterioration in the export markets for both ferrous scrap and non-ferrous scrap has substantially reduced its core profitability, Korn tells investors in a research note. He believes earnings volatility is likely to limit valuation expansion for Schnitzer Steel.
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