Commercial Metals upgraded to Buy at Jefferies following underperformance

As previously reported, Jefferies upgraded Commercial Metals (CMC) to Buy from Hold with a price target of $78, up from $70, following the stock’s recent underperformance and citing the continued resilience in rebar pricing. More broadly on the group, the analyst notes that U.S. steel prices have risen in recent weeks as imports continue to decline and inventory levels fall, arguing that risk to consensus forecasts is “to the upside.”