Steel Dynamics price target raised to $241 from $190 at KeyBanc

KeyBanc analyst Samuel McKinney raised the firm’s price target on Steel Dynamics (STLD) to $241 from $190 and keeps an Overweight rating on the shares. Post the company’s Q1 results, the firm is raising its 2026 estimates on solid year-to-year growth in Steel spreads and continued operational progress at ADI. KeyBanc remains intrigued by strong through-cycle FCFE, offering bandwidth to further capital returns, targeted M&A, and nascent exposure to future ADI EBITDA growth in 2027 and beyond when ideal product mix is achieved.