Wells Fargo raised the firm’s price target on Steel Dynamics (STLD) to $235 from $207 and keeps an Overweight rating on the shares. The firm notes Q1 was uneventful and management downplayed the rejected BSL bid. The new aluminum mill was pulling forward auto qualifications alongside a blowout in ali-scrap spreads. Wells stays bullish given considerable upside to steel prices and aluminum margins.
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