Citi upgraded Commercial Metals (CMC) to Buy from Neutral with a price target of $65, up from $60. The firm is positive on the stock’s “emerging free cash flow / deleveraging story” following its transformational concrete acquisitions, the analyst tells investors in a research note. Commercial Metals also has incremental upside from the updated EU import policy and also remains directly exposed to bullish U.S. construction megatrends, Citi added.
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