Worthington Steel price target lowered to $32 from $34 at KeyBanc

KeyBanc lowered the firm’s price target on Worthington Steel (WS) to $32 from $34 on FY25-FY27 estimate revisions, while keeping an Overweight rating on the shares. The firm is also reducing its FY25 EBITDA to $203M on near-term automotive demand headwinds, and reducing its FY26 EBITDA is $240M and its FY27 EBITDA to $285M on lower-near term automotive demand somewhat lower galv spreads.