2022-05-19 05:14:56 SCHN Schnitzer Steel
05/19/22 05/1905:14 05/19/2205:14 | Schnitzer Steel downgraded to Sector Weight from Overweight at KeyBancKeyBanc analyst Philip Gibbs downgraded Schnitzer Steel to Sector Weight from Overweight without a price target. Ferrous and non-ferrous scrap prices are "swiftly correcting-to-normalizing," while foreign appetite for U.S. scrap has been more muted than expected amid the persistence of cheap Russian billet finding its way into Turkey, Gibbs tells investors in a research note. In addition, a "torrid" U.S. dollar and still elevated global bulk shipping rates offer headwinds to Schnitzer, says the analyst. Gibbs views the shares as fairly valued and adds that a near-term takeout is less likely given Schnitzer's May purchase of Southeastern U.S. scrap assets. |
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