BMO Capital raised the firm’s price target on Steel Dynamics (STLD) to $240 from $195 and keeps an Outperform rating on the shares after its Q1 results. Earnings are expected to increase from here on higher lagged sheet prices coupled with improving aluminum mill profitability, the analyst tells investors in a research note. The company’s through-cycle profitability and free cash flow generation are growing, while capital allocation is expected to remain balanced between strategic growth and shareholder returns, the firm added.
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