UBS analyst Andrew Jones upgraded Steel Dynamics (STLD) to Buy from Neutral with a $149 price target Tariff protection for U.S. steel and aluminum has exceeded the firm’s expectations since the election, resulting in a significant rally in hot-rolled coil steel prices, the analyst tells investors in a research note. Meanwhile, the stock has sold off and de-rated with the sell off in the broader market amid the escalating trade war, the firm says. The firm sees a good entry point for Steel Dynamics with earnings momentum from Q2, upside risk to consensus if spot HRC holds, and a more supportive valuation.
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