UBS downgraded Commercial Metals (CMC) to Sell from Buy with a price target of $56, down from $62. Despite “weak” steel sector Q3 results and Q4 outlooks amid “disappointing” pricing and demand data, Commercial Metals shares are up over 25% from the September lows, the analyst tells investors in a research note. The firm says steel is perceived as a relative winner from President-elect Trump’s protectionist policies. UBS still expects a recovery in steel demand and prices into 2025, but after the recent rally in the stocks and an increase in interest rate expectations, it finds the risk/rewards as more balanced. The firm points out Commercial Metals has held onto most of the post-election gains despite being hit with a $330M court ruling.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CMC:
- Commercial Metals downgraded to Sell from Buy at UBS
- Commercial Metals initiated with a Buy at Goldman Sachs
- Commercial Metals Faces $110M Verdict, Plans Appeal
- Commercial Metals issues statement regarding Pacific Steel Group litigation
- Morning Movers: TSMC surges and Elevance Health sinks after quarterly results
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
