JPMorgan raised the firm’s price target on Commercial Metals (CMC) to $54 from $52 and keeps a Neutral rating on the shares. The firm adjusted steel price targets ahead of the Q2 reports. It increased the targets to reflect the multiple re-rating off President Trump’s “Liberation Day” lows and a higher price floor. The protectionism and national security backing from the Trump administration warrant a valuation premium for U.S. mills on higher through-cycle pricing, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CMC:
- Commercial Metals Appoints New Director Dawne S. Hickton
- Commercial Metals appoints Hickton to board of directors
- Commercial Metals price target raised to $57.50 from $53 at Morgan Stanley
- Balanced Risk-Reward: Hold Rating on Commercial Metals Company Amid Macroeconomic Uncertainties and Strategic Positioning
- U.S. Tariffs Pose Financial Risks for Commercial Metals Amid Global Trade Uncertainty