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MT

ArcelorMittal

$18.47

-0.425 (-2.25%)

, CLF

Cleveland-Cliffs

$10.25

0.03 (0.29%)

07:24
05/13/19
05/13
07:24
05/13/19
07:24

Chinese tariffs negative for Schnitzer Steel, positive for Luxfer, says KeyBanc

KeyBanc analyst Philip Gibbs notes that the Trump administration announced the U.S. will be ratcheting up import tariffs to 25% from 10% on about $200B worth of Chinese goods. All else equal, Gibbs sees this as a modest negative for steel producers as key consumables remain sticky, and a relative neutral for ArcelorMittal (MT) given its global exposure. On steelmaking raw materials, the analyst sees this as a neutral for Cleveland-Cliffs (CLF) and a negative for Schnitzer Steel (SCHN), with the latter in the heart of challenged non-ferrous export markets. He also views this largely as a neutral for distributors, with perhaps a modest positive of Worthington's (WOR) Cylinders segment. Clearer winners appear to be Global Brass and Copper (BRSS), Luxfer (LXFR), and Materion (MTRN), whereby it will be tougher for the Chinese to compete within the U.S. in its core businesses.

MT

ArcelorMittal

$18.47

-0.425 (-2.25%)

CLF

Cleveland-Cliffs

$10.25

0.03 (0.29%)

SCHN

Schnitzer Steel

$23.52

0.2375 (1.02%)

WOR

Worthington

$39.47

0.16 (0.41%)

BRSS

Global Brass and Copper

$43.33

-0.08 (-0.18%)

LXFR

Luxfer

$24.70

0.295 (1.21%)

MTRN

Materion

$67.96

-0.93 (-1.35%)

  • 23

    May

MT ArcelorMittal
$18.47

-0.425 (-2.25%)

04/15/19
04/15/19
INITIATION

Sector Weight
KeyBanc sees limited catalysts for ArcelorMittal, initiates with Sector Weight
As previously reported, KeyBanc analyst Philip Gibbs started coverage of ArcelorMittal with a Sector Weight saying that while he likes its organic/inorganic pipeline and focus on financial deleveraging, the fruits of the company's strategic actions require execution, capex, and duration, with much of the potential returns beginning in mid-2021. Macro dynamics warrant caution, as Gibbs expects slowing demand growth within key markets and tightening global steel spreads to yield Street EBITDA downside revisions, offering limited near-term catalysts.
04/15/19
KEYB
04/15/19
INITIATION
KEYB
Sector Weight
ArcelorMittal initiated with a Sector Weight at KeyBanc
KeyBanc analyst Philip Gibbs initiated ArcelorMittal with a Sector Weight.
01/30/19
GSCO
01/30/19
DOWNGRADE
GSCO
Neutral
ArcelorMittal downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Eugene King downgraded ArcelorMittal to Neutral and lowered his price target to EUR22.50 from EUR35.50.
11/09/18
UBSW
11/09/18
UPGRADE
UBSW
Neutral
ArcelorMittal upgraded to Neutral from Sell at UBS
CLF Cleveland-Cliffs
$10.25

0.03 (0.29%)

04/25/19
RILY
04/25/19
NO CHANGE
Target $15
RILY
Buy
Cleveland-Cliffs price target raised to $15 from $14 at B. Riley FBR
B. Riley FBR analyst Lucas Pipes raised his price target for Cleveland-Cliffs to $15 from $14 following the company's Q1 beat and pricing guidance. He keeps a Buy rating on the shares.
04/26/19
FBCO
04/26/19
UPGRADE
FBCO
Outperform
Cleveland-Cliffs upgraded to Outperform from Neutral at Credit Suisse
04/26/19
FBCO
04/26/19
UPGRADE
Target $14
FBCO
Outperform
Cleveland-Cliffs upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Curt Woodworth upgraded Cleveland-Cliffs to Outperform from Neutral and raised his price target to $14 from $13 following the company's Q1 results. In a research note to investors, Woodworth says he sees potential value near $16-$18 once the HBI plant is fully ramped, even with low hot-rolled coil prices at that point in time. He also forecasts substantially higher NAV uplift from HBI and now models EBITDA accretion of roughly $200M.
04/26/19
04/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cleveland-Cliffs (CLF) upgraded to Outperform from Neutral at Credit Suisse with analyst Curt Woodworth saying he sees potential value near $16-$18 once the HBI plant is fully ramped, even with low hot-rolled coil prices at that point in time. 2. Argo Group (ARGO) upgraded to Outperform from Market Perform at William Blair with analyst Adam Klauber saying Argo is beginning to emerge as a long-term midcap growth insurer, Klauber tells investors in a research note. 3. Illinois Tool Works (ITW) upgraded to Neutral from Underweight at JPMorgan with analyst Ann Duignan saying following the company's "solid" Q1 results, downside risk to 2019 earnings estimates "appears limited," with the worst of auto builds and European weakness "likely behind us." 4. The Medicines Co. (MDCO) upgraded to Buy from Neutral at Goldman Sachs while Esperion (ESPR) upgraded to Neutral from Sell. 5. Shutterfly (SFLY) upgraded to Outperform from Market Perform at Raymond James with analyst Aaron Kessler citing stable Consumer segment growth trends and his expectation for improved consumer growth throughout 2019, as well as "very achievable" 2021 EBITDA guidance of $400M-$450M with modest organic growth assumptions and modest Lifetouch synergies baked in. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SCHN Schnitzer Steel
$23.52

0.2375 (1.02%)

08/15/18
MSCO
08/15/18
DOWNGRADE
MSCO
Underweight
Schnitzer Steel downgraded to Underweight from Equal Weight at Morgan Stanley
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.
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.
01/14/19
GSCO
01/14/19
DOWNGRADE
Target $27
GSCO
Neutral
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.
WOR Worthington
$39.47

0.16 (0.41%)

BRSS Global Brass and Copper
$43.33

-0.08 (-0.18%)

LXFR Luxfer
$24.70

0.295 (1.21%)

11/05/18
KEYB
11/05/18
NO CHANGE
Target $30
KEYB
Overweight
Luxfer price target raised to $30 form $24 at KeyBanc
KeyBanc analyst Philip Gibbs raised his price target for Luxfer to $30 from $24 following Q3 results. The analyst continues to believe shares are a "solid" way for small-to-micro-cap industrial investors to participate in a multiyear growth story. He reiterates an Overweight rating on the stock.
MTRN Materion
$67.96

-0.93 (-1.35%)

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