JPMorgan initiated coverage of Commercial Metals (CMC) with a Neutral rating and $52 price target The company is “on the cusp” of finishing a major capex cycle, leading to improved free cash flow generation and shareholder returns ahead, the analyst tells investors in a research note. However, the firm says near-term market indicators for Commercial Metals’ largest exposure in non-residential construction “look gloomy,” and could remain as such for some time given the uncertain macro outlook, weighed down by fluid trade policy and higher-for-longer rates.
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Read More on CMC:
- Commercial Metals Company (CMC) Hold Rating: Balancing Growth Prospects with Market Uncertainties
- Commercial Metals upgraded to Outperform from Peer Perform at Wolfe Research
- Commercial Metals Closes $150M Bond Sale for Facilities
- Commercial Metals Prices $150M Bonds for Waste Facilities
- Commercial Metals price target lowered to $55 from $65 at BofA
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