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Fly News Breaks for September 22, 2019
SCHN
Sep 22, 2019 | 19:06 EDT
Goldman Sachs analyst Matthew Korn downgraded Schnitzer Steel to Sell from Neutral and lowered his price target for the shares to $23 from $27. The analyst has become "increasingly concerned" that the ferrous scrap market, both domestic and overseas, is proving weaker than he had anticipated. This provides a headwind to Schnitzer's profitability, Korn tells investors in a research note. A slowing China, growing U.S. steel capacity, and fears of global recession continue to be front of mind for Metals and Mining investors, says the analyst.
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