Morgan Stanley upgraded Commercial Metals (CMC) to Overweight from Equal Weight with a price target of $68, up from $57.50. The firm increased its steel price forecasts saying the 50% tariffs remain intact nearly five months after implementation. U.S. mills will continue to benefit from higher prices in the near term, but “soft” demand and potential Canada and Mexico trade deals limit price upside for now, the analyst tells investors in a research note. Morgan Stanley cites the completion of Commercial Metals’ upcoming acquisitions that remove an M&A overhang for the upgrade.
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