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SCHN

Schnitzer Steel

$22.95

0.1 (0.44%)

06:19
01/14/19
01/14
06:19
01/14/19
06:19

Schnitzer Steel downgraded to Neutral from Buy at Goldman Sachs

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.

SCHN Schnitzer Steel
$22.95

0.1 (0.44%)

01/08/19
COWN
01/08/19
INITIATION
Target $24
COWN
Market Perform
Schnitzer Steel initiated with a Market Perform at Cowen
Cowen analyst Tyler Kenyon initiated Schnitzer Steel with a Neutral and $24 price target.
08/15/18
08/15/18
DOWNGRADE
Target $26

Underweight
Schnitzer Steel downgraded to Underweight on China duties at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood downgraded Schnitzer Steel to Underweight from Equal Weight and cut his price target to $26 from $38 as he believes the impact of China's import duties on nonferrous scrap doesn't seem priced in yet. China's tariffs and import restrictions have caused an 8-14% price decline in zorba - the residual metal mixture left over after scrap shredders have extracted all high purity metal from end-of-life vehicles and white goods- since April, noted Sood, who also believes there are limits on how much scrap shredders such as Schnitzer can lower their buying costs. The company could face a roughly $40M annual EBITDA headwind from zorba, estimated Sood.
08/15/18
MSCO
08/15/18
DOWNGRADE
MSCO
Underweight
Schnitzer Steel downgraded to Underweight from Equal Weight at Morgan Stanley
03/20/18
GSCO
03/20/18
INITIATION
Target $42
GSCO
Buy
Schnitzer Steel initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Schnitzer Steel with a Buy rating and $42 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view. The analyst sees shares in the space supported by high commodity prices, "more rational" supply dynamics and "healthier" balance sheets.

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