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RS

Reliance Steel

$86.03

0.72 (0.84%)

, X

U.S. Steel

$30.24

-0.24 (-0.79%)

08:43
10/02/18
10/02
08:43
10/02/18
08:43

Deutsche downgrades Reliance, U.S. Steel on more cautious steel stance

To reflect a more cautious view on steel stocks, Deutsche Bank analyst Chris Terry downgraded both Reliance Steel (RS) and U.S. Steel (X) to Hold from Buy. The analyst says his view on the sector is "moderating post peak pricing." Most positive data points and catalysts have now largely played out, Terry tells investors in a research note. The analyst, however, keeps Buy ratings on Commercial Metals (CMC), Nucor (NUE) and Steel Dynamics (STLD) citing more favorable risk/reward profiles.

RS

Reliance Steel

$86.03

0.72 (0.84%)

X

U.S. Steel

$30.24

-0.24 (-0.79%)

CMC

Commercial Metals

$20.67

0.15 (0.73%)

NUE

Nucor

$64.32

0.88 (1.39%)

STLD

Steel Dynamics

$45.69

0.49 (1.08%)

  • 18

    Oct

  • 25

    Oct

  • 02

    Nov

RS Reliance Steel
$86.03

0.72 (0.84%)

09/17/18
SBSH
09/17/18
INITIATION
Target $90
SBSH
Neutral
Reliance Steel initiated with a Neutral at Citi
Citi started Reliance Steel with a Neutral rating and $90 price target.
10/02/18
DBAB
10/02/18
DOWNGRADE
Target $90
DBAB
Hold
Reliance Steel downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded Reliance Steel to Hold and lowered his price target for the shares to $90 from $100. The analyst says he's becoming more cautious on steel stocks.
09/17/18
09/17/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Reliance Steel (RS) initiated with a Neutral at Citi. 2. Bausch Health (BHC) assumed with an Overweight at Barclays. 3. Stanley Black & Decker (SWK) initiated with an Outperform at Credit Suisse. 4. Aramark (ARMK) initiated with an Outperform at Bernstein. 5. Kraft Heinz (KHC) was assumed with an Underweight at Morgan Stanley, while Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) were assumed with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/17/18
SBSH
09/17/18
INITIATION
Target $90
SBSH
Neutral
Citi starts Reliance at Neutral amid falling steel prices
Citi analyst Daniel Knauff started Reliance Steel with a Neutral rating and $90 price target. The company is well positioned to continue to lead the industry over the long term, but downside risks to margins over the next 12 months from declining steel prices could limit share upside, Knauff tells investors in a research note. He believes Reliance Steel is unlikely to outperform in such an environment.
X U.S. Steel
$30.24

-0.24 (-0.79%)

10/02/18
DBAB
10/02/18
DOWNGRADE
Target $35
DBAB
Hold
U.S. Steel downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded U.S. Steel to Hold and lowered his price target for the shares to $35 from $47. The analyst says he's becoming more cautious on steel stocks.
09/27/18
LBOW
09/27/18
NO CHANGE
Target $49
LBOW
Buy
U.S. Steel estimates lowered on OCTG survey weakness at Longbow
Longbow analyst Chris Olin's latest sruvey of energy metal distributors and traders showed a deceleration in shipment growth reported by OCTG. Olin believes slowing end market demand growth, excess distribution inventories and modestly lower trending spot prices could ultimately limit Tubular Segment upside over the next 2-3 quarters, and when combined with negative momentum in carbon steel, puts $650M EBIT guidance at risk. The analyst lowered U.S. Steel's 2018 earnings forecast to $5.71 from $5.78, but maintains a Buy rating saying the company is positioned for continued earnings growth in 2019 as sheet/tube contracts stabilize at higher levels and US production moves towards 11-12M tons.
09/04/18
UBSW
09/04/18
NO CHANGE
UBSW
UBS still cautious on steel sector, but says caution already priced into stocks
UBS analyst Andreas Bokkenheuser said he remains cautious on the steel sector and said his research shows there is more imports on flat steel than rolled. That is more negative for US Steel (X) and AK Steel (AKS) than Nucor (NUE) and Steel Dynamics (STLD). He also believes the shares are pricing in a steel price correction already, so he expects the equities to outperform the physical prices.
08/27/18
08/27/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. MORGAN STANLEY DOUBLE DOWNGRADES U.S. STEEL: Morgan Stanley analyst Piyush Sood double downgraded U.S. Steel (X) to Underweight from Overweight as he notes that steel prices are falling and he believes the recent price peak is "firmly behind" the market. Sood lowered his price target on U.S. Steel shares to $30 from $44. He prefers AK Steel (AKS), which he upgraded to Overweight from Equal Weight citing its good free cash flow prospects, and also prefers Steel Dynamics (STLD), which he also upgraded to Overweight from Equal Weight. PAPA JOHN'S UPGRADED TO BUY: Kalinowski Equity Research's Mark Kalinowski upgraded Papa John's (PZZA) to Buy from Neutral as he believes the reported hiring of Bank of America and Lazard increases the odds of a favorable outcome over the next 12 months, including the possibility of an acquisition. He noted that CNBC reports the company "isn't currently exploring a sale," but he believes a sale makes a lot of sense. BLOOM ENERGY CUT TO UNDERPERFORM: Credit Suisse analyst Michael Weinstein downgraded Bloom Energy (BE) to Underperform from Neutral, with a $24 price target on the stock, on valuation. While the analyst acknowledged the disruptive potential of Bloom Energy's technology, the stock is now trading at a premium. Although the company has shown impressive success so far, much work remains to be done to continue lowering costs and deliver next generation improvements, he contended. WEDBUSH CUTS CHIPOTLE TO UNDERPERFORM: Wedbush analyst Nick Setyan downgraded Chipotle Mexican Grill (CMG) to Underperform from Neutral and lowered his price target for the shares to $445 from $450. Setyan sees increased risk to Chipotle's near-term same-store-sales growth and margin expectations, and continues to see risk to margin expectations through 2020. Quarter-to-date checks suggest risk to the current Q3 consensus same-store-sales growth expectation, Setyan said. Further, the analyst believes that while theoretical drivers towards 2019 same-store-sales growth expectations exist, the risks are underappreciated.
CMC Commercial Metals
$20.67

0.15 (0.73%)

08/13/18
GSCO
08/13/18
UPGRADE
Target $24
GSCO
Neutral
Commercial Metals upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Matthew Korn upgraded Commercial Metals to Neutral from Sell and kept his price target at $24. The analyst notes that his prior initiation of the company at Sell in March was based on its "full valuation", but at its current price, the risk-reward on the company is more attractive. Korn adds that there is upside to his estimates on Commercial Metals given the elevated rebar price - a market that is also "poised" for consolidation.
06/22/18
JPMS
06/22/18
NO CHANGE
JPMS
Overweight
Commercial Metals to benefit from limited rebar imports, says JPMorgan
JPMorgan analyst Michael Gambardella keeps an Overweight rating on shares of Commercial Metals and establishes a December 2019 price target of $30. Section 232 tariffs will limit imports of rebar from large exporters like Turkey while the company's pending acquisition of Gerdau's rebar assets will further consolidate the U.S. market, Gambardella tells investors in a research note. He remains positive on the shares.
08/14/18
08/14/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1.Commercial Metals (CMC) upgraded to Neutral from Sell at Goldman Sachs with analyst Matthew Korn saying his prior initiation of the company at Sell in March was based on its "full valuation," but at its current price, the risk-reward on the company is more attractive. 2. Nielsen (NLSN) upgraded to Outperform from Neutral at Macquarie and to Equal Weight from Underweight at Barclays. 3. Alliance Data (ADS) upgraded to Overweight from Neutral at JPMorgan. 4. DCP Midstream (DCP) upgraded to Buy from Hold at Stifel with analyst Selman Akyol citing the company's Q2 results that were slightly above expectations. 5. JinkoSolar (JKS) upgraded to Neutral from Sell at Citi with the firm expecting the module outlook to improve in the second half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/18
BOFA
06/19/18
DOWNGRADE
Target $23
BOFA
Underperform
Commercial Metals downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Timna Tanners downgraded Commercial Metals to Underperform from Neutral and cut its price target to $23 from $24. The analyst said shares are pricing in better-than-normal earnings power, but he expects rebar imports and domestic to rise into Q4. Tanners believes the rebar markets remain oversupplied and expects new domestic capacity to pressure margins.
NUE Nucor
$64.32

0.88 (1.39%)

08/23/18
FBCO
08/23/18
NO CHANGE
Target $77
FBCO
Outperform
Credit Suisse sees compelling risk/reward for Nucor into earnings
While Credit Suisse analyst Curt Woodworth notes that whether Nucor will finally become the "field of dreams" for investors remains to be seen, he sees compelling risk/reward into earnings the next two quarters. The analyst believes consensus estimates appear "way too low" for Nucor in both Q3 and Q4 as long product and plate prices remain very firm while scrap prices rollover. The doubling of tariffs on Turkey coupled with the Lira devaluation are very bullish for Nucor as the company should be able to hold price in longs/plate while scrap prices continue to fall into September, he adds. Woodworth reiterates an Outperform rating and $77 price target on the shares.
07/24/18
KEYB
07/24/18
UPGRADE
KEYB
Overweight
Nucor upgraded to Overweight from Sector Weight at KeyBanc
07/24/18
07/24/18
UPGRADE
Target $77

Overweight
Nucor upgraded to Overweight on broadening EPS power at KeyBanc
As previously reported, KeyBanc analyst Philip Gibbs upgraded Nucor to Overweight from Sector Weight, with a $77 price target, given better appreciation of self-help growth initiatives in Fabrication and Raw Materials. Further, the analyst notes that company-specific drivers could add 20% to his EPS power view over time.
STLD Steel Dynamics
$45.69

0.49 (1.08%)

08/27/18
08/27/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. First Majestic (AG) upgraded to Outperform from Market Perform at BMO Capital with analyst Ryan Thompson citing his expectations of gross margin improvement following the shutdown of the high-cost La Guitarra mine and the integration of the high-margin San Dimas mine. 2. Papa John's (PZZA) upgraded to Buy from Neutral at Kalinowski with analyst Mark Kalinowski saying he believes the reported hiring of Bank of America and Lazard increases the odds of a favorable outcome over the next 12 months, including the possibility of an acquisition. 3. Portola Pharmaceuticals (PTLA) upgraded to Neutral from Underperform at Credit Suisse with analyst Vamil Divan citing Johnson & Johnson (JNJ) and Bayer's (BAYRY) presentation of disappointing data for Xarelto in the acute medically ill population at ESC. 4. Bancolombia (CIB) upgraded to Neutral from Sell at Citi. 5. AK Steel (AKS) and Steel Dynamics (STLD) were upgraded to Overweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/27/18
08/27/18
DOWNGRADE

Underweight
U.S. Steel double downgraded, AK Steel upgraded at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood double downgraded U.S. Steel (X) to Underweight from Overweight as he notes that steel prices are falling and he believes the recent price peak is "firmly behind" the market. Previously, he had been including higher 2019 prices in his valuation. Sood lowered his price target on U.S. Steel shares to $30 from $44. He prefers AK Steel (AKS), which he upgraded to Overweight from Equal Weight, citing its good free cash flow prospects, though he lowered his price target on AK shares to $5.50 from $6.00. Sood also prefers Steel Dynamics (STLD), which he also upgraded to Overweight from Equal Weight. "Mini-mill" stocks are more defensive than integrated names, said Sood, who called Steel Dynamics his top pick among the mini-mills. U.S. scrap prices have become weaker, which suggests mini-mill margins could settle out higher than he'd previously thought, the analyst added. Sood raised his price target on Steel Dynamics shares to $52 from $50.

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