UBS upgrades Commercial Metals to Buy after underperformance

UBS last night upgraded Commercial Metals (CMC) to Buy from Neutral with a price target of $89, up from $79. The stock’s 40% underperformance in 2026 versus peers creates an attractive entry point, the analyst tells investors in a research note. The firm believes the key downside risks to U.S. rebar pricing have eased. UBS says import pressure is peaking, not accelerating, with Q1 imports already tracking historical averages. Domestic capacity also looks “less disruptive,” with hybar nearing a steady state and most incremental supply concentrated among disciplined incumbents, contends the firm.