Showing posts with label Schnitzer Steel. Show all posts
Showing posts with label Schnitzer Steel. Show all posts
Friday, October 26, 2012
Agnico (AEM) (CVE) (HERO) (MPC) (PSX) (RUS) (SCHN) Upgraded by Analysts
Agnico Eagle Mines (AEM), Cenovus Energy Inc (CVE), Hercules Offshore, Inc. (HERO), Marathon
Petroleum (MPC), Phillips 66 (PSX), Russel Metals Inc (RUS) and Schnitzer Steel (SCHN) were
upgraded by analysts.
Barclays Capital upgraded Agnico Eagle Mines (AEM) from an "Underperform" rating to a
"Sector Perform" rating. They have a price target of $69.00 on the company.
Cormark upgraded Cenovus Energy Inc (CVE) from an "Outperform" rating to a "Buy" rating.
Dahlman Rose upgraded Hercules Offshore, Inc. (HERO) from a "Hold" rating to a "Buy" rating. They have a price target of $6.50 on the company. Jefferies Group also upgraded Hercules from a Hold rating to a Buy rating, although they have a price target of $4.50 on the company.
Credit Suisse upgraded Marathon Petroleum (MPC) from a "Neutral" rating to an "Outperform" rating. They have a price target of $75.00 on the company.
Credit Suisse upgraded Phillips 66 (PSX) from a "Neutral" rating to an "Outperform" rating. They have a price target of $60.00 on the company.
CIBC upgraded Russel Metals (RUS) from a "Sector Perform" rating to an "Outperform" rating.
DA Davidson upgraded Schnitzer Steel (SCHN) from a "Neutral" rating to a "Buy" rating. They have a price target of $36.00 on the company.
Tuesday, September 18, 2012
Alcoa (AA) (GOLD) (MPC) (PSX) (RS) (SCHN) (STLD) Downgraded
Alcoa Inc. (AA), Randgold Resources Ltd. (GOLD), Marathon Petroleum (MPC), Phillips 66 (PSX), Reliance Steel & Aluminum (RS), Schnitzer Steel (SCHN) and Steel Dynamics, Inc. (STLD) were downgraded by analysts.
Jefferies Group (JEF) downgraded Alcoa Inc. (AA) from a "Buy" rating to a "Hold" rating. They have a price target of $11.00 on the company.
Stifel Nicolaus downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Hold" rating.
Credit Suisse downgraded Marathon Petroleum (MPC) from an "Outperform" rating to a "Neutral" rating. They have a price target of $63.00 on the company.
Credit Suisse downgraded Phillips 66 (PSX) from an "Outperform" rating to a "Neutral" rating. They have a price target of $46.00 on the company.
Jefferies Group downgraded Reliance Steel & Aluminum (RS) from a "Buy" rating to a "Hold" rating. They have a price target of $62.00 on the company.
Jefferies Group downgraded Schnitzer Steel (SCHN) from a "Buy" rating to a "Hold" rating.
Jefferies Group downgraded Steel Dynamics, Inc. (STLD) from a "Buy" rating to a "Hold" rating.
Jefferies Group (JEF) downgraded Alcoa Inc. (AA) from a "Buy" rating to a "Hold" rating. They have a price target of $11.00 on the company.
Stifel Nicolaus downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Hold" rating.
Credit Suisse downgraded Marathon Petroleum (MPC) from an "Outperform" rating to a "Neutral" rating. They have a price target of $63.00 on the company.
Credit Suisse downgraded Phillips 66 (PSX) from an "Outperform" rating to a "Neutral" rating. They have a price target of $46.00 on the company.
Jefferies Group downgraded Reliance Steel & Aluminum (RS) from a "Buy" rating to a "Hold" rating. They have a price target of $62.00 on the company.
Jefferies Group downgraded Schnitzer Steel (SCHN) from a "Buy" rating to a "Hold" rating.
Jefferies Group downgraded Steel Dynamics, Inc. (STLD) from a "Buy" rating to a "Hold" rating.
Monday, March 19, 2012
Patriot (PCX) (NGLS) (SCHN) (YGE) (TSL) (CFR) (ETFC) Ratings, Price Targets
Patriot Coal (PCX), Targa Resources Partners LP (NGLS), Schnitzer Steel (SCHN), Yingli Green Energy Hold. Co. Ltd. (YGE), Trina Solar (TSL), Bankers, Inc. (CFR) and E TRADE Financial Co. (ETFC) had ratings and price targets on them adjusted by analysts.
Goldman Sachs upgraded Patriot Coal (PCX) from a "Sell" rating to a "Neutral" rating.
JPMorgan Chase & Co. initiated coverage on Targa Resources Partners LP (NGLS). They placed an "Overweight" rating on the company.
Davenport downgraded Schnitzer Steel (SCHN) from a "Buy" rating to a "Neutral" rating.
Barclays Capital initiated coverage on Yingli Green Energy Hold. Co. Ltd. (YGE). They placed an "Equal Weight" rating.
Barclays Capital initiated coverage on Trina Solar (TSL). They placed an "Equal Weight" rating.
Wunderlich Cullen/Frost downgraded Bankers, Inc. (CFR) from a "Buy" rating to a "Hold" rating.
Wells Fargo & Co. upgraded E TRADE Financial Co. (ETFC) from a "Market Perform" rating to a "Outperform" rating.
Goldman Sachs upgraded Patriot Coal (PCX) from a "Sell" rating to a "Neutral" rating.
JPMorgan Chase & Co. initiated coverage on Targa Resources Partners LP (NGLS). They placed an "Overweight" rating on the company.
Davenport downgraded Schnitzer Steel (SCHN) from a "Buy" rating to a "Neutral" rating.
Barclays Capital initiated coverage on Yingli Green Energy Hold. Co. Ltd. (YGE). They placed an "Equal Weight" rating.
Barclays Capital initiated coverage on Trina Solar (TSL). They placed an "Equal Weight" rating.
Wunderlich Cullen/Frost downgraded Bankers, Inc. (CFR) from a "Buy" rating to a "Hold" rating.
Wells Fargo & Co. upgraded E TRADE Financial Co. (ETFC) from a "Market Perform" rating to a "Outperform" rating.
Friday, November 5, 2010
Schnitzer Steel (NASDAQ:SCHN), Steel Dynamics (NASDAQ:STLD), POSCO (NYSE:PKX) Soar on QE2, Collapsing US Dollar
Schnitzer Steel Industries (NASDAQ:SCHN), Steel Dynamics (NASDAQ:STLD),
POSCO (NYSE:PKX) all moved up with the broader commodity sector Thursday, as the announcement that the Federal Reserve was going to inflate again via its quantitative easing strategy pushed up the price of commodities in anticipation of the inevitable inflation to come.
Commodity prices going up included oil prices, gold, silver and aluminum. Gold prices reached record levels again, straining toward the $1,400 an ounce level. Silver surged past the $26 level, and seems poised to continue moving up.
The steel industry could go through a period of uncertainty as currencies respond to the fall in value of the U.S. dollar, which will affect margins because of the fluctuations in currency value and the battle by some against the Chinese renminbi, which they'll have to attempt to take defensive measures against.
Schnitzer Steel Industries closed at $53.15 Thursday, rising $1.02, or 1.96 percent. Steel Dynamics surged to close at $15.73, gaining $0.49, or 3.22 percent. POSCO was up to $108.38 at the end of the trading session, gaining $3.72, or 3.55 percent.
POSCO (NYSE:PKX) all moved up with the broader commodity sector Thursday, as the announcement that the Federal Reserve was going to inflate again via its quantitative easing strategy pushed up the price of commodities in anticipation of the inevitable inflation to come.
Commodity prices going up included oil prices, gold, silver and aluminum. Gold prices reached record levels again, straining toward the $1,400 an ounce level. Silver surged past the $26 level, and seems poised to continue moving up.
The steel industry could go through a period of uncertainty as currencies respond to the fall in value of the U.S. dollar, which will affect margins because of the fluctuations in currency value and the battle by some against the Chinese renminbi, which they'll have to attempt to take defensive measures against.
Schnitzer Steel Industries closed at $53.15 Thursday, rising $1.02, or 1.96 percent. Steel Dynamics surged to close at $15.73, gaining $0.49, or 3.22 percent. POSCO was up to $108.38 at the end of the trading session, gaining $3.72, or 3.55 percent.
Thursday, October 14, 2010
Schnitzer (Nasdaq:SCHN) Quarterly Preview from Canaccord Genuity
In a earnings preview for Schnitzer Steel (Nasdaq:SCHN), Canaccord Genuity reiterated their estimates for the company, which are below consensus.
"We are comfortable with our August quarter estimates and maintain our rating in advance of Schnitzer’s FQ4 results due on Wednesday, October 20, after the market close...Our slightly below consensus FQ4 revenue/EBITDA/EPS estimates are $655.4M/$33.9M/$0.37. For comparison, consensus estimates are $669M/$34.3M/$0.39," said Canaccord.
"We anticipate management will offer relatively cautious commentary on the
current (Nov.) quarter. While ferrous scrap prices did increase in Sept., they have tumbled in October, partly as a result of temporary weakness in export demand. Our research indicates that export demand has been spotty from Asia and only recently resumed from Turkey."
Canaccord maintains their "Buy" rating on Schnitzer, which closed at $50.45, gaining $0.45, or 0.90 percent. They have a price target of $67 on the company.
"We are comfortable with our August quarter estimates and maintain our rating in advance of Schnitzer’s FQ4 results due on Wednesday, October 20, after the market close...Our slightly below consensus FQ4 revenue/EBITDA/EPS estimates are $655.4M/$33.9M/$0.37. For comparison, consensus estimates are $669M/$34.3M/$0.39," said Canaccord.
"We anticipate management will offer relatively cautious commentary on the
current (Nov.) quarter. While ferrous scrap prices did increase in Sept., they have tumbled in October, partly as a result of temporary weakness in export demand. Our research indicates that export demand has been spotty from Asia and only recently resumed from Turkey."
Canaccord maintains their "Buy" rating on Schnitzer, which closed at $50.45, gaining $0.45, or 0.90 percent. They have a price target of $67 on the company.
Wednesday, October 13, 2010
POSCO (NYSE:PKX), US Steel (NYSE:X), Nucor (NYSE:NUE), Reliance (NYSE:RS) on UBS' (NYSE:UBS) Outlook for Industry
Citing soft flat-rolled volumes, UBS (NYSE:UBS) said Commercial Metals Company (NYSE:CMC) and United States Steel Corp. (NYSE:X) could miss earnings, pushing the entire sector down Tuesday.
Even more dramatic was the downwardly revised full-year profit estimate of POSCO (NYSE:PKX), which was slashed by 7 percent. Slowing demand and higher costs were the reasons given for the changes.
The one positive note was Schnitzer Steel Industries Inc. (NASDAQ:SCHN), which UBS said could generate better results in the third quarter than thought.
The Market Vectors Steel ETF (NYSE:SLX) closed at $64.88, losing $0.67, or 1.02 percent.
Reliance Steel & Aluminum closed Tuesday at $43.24, down $0.33, or 0.76 percent. Nucor Corp. (NYSE:NUE) finished the session at $39.88, losing $0.20, or 0.50 percent. AK Steel Holding Corp. (NYSE:AKS) dropped to $14.50, a loss of $0.14, or 0.96 percent.
Posco plummeted to $114.47, falling $5.03, or 4.21 percent. Schnitzer Steel Industries Inc. fell to an even $50, a slight loss of $0.03, or 0.06 percent. Commercial Metals Company was also off just a little, ending at $14.76, dropping $0.06, or 0.40 percent.
The steel industry overall is in for a rough ride as news continues to confirm demand is slowing.
Even more dramatic was the downwardly revised full-year profit estimate of POSCO (NYSE:PKX), which was slashed by 7 percent. Slowing demand and higher costs were the reasons given for the changes.
The one positive note was Schnitzer Steel Industries Inc. (NASDAQ:SCHN), which UBS said could generate better results in the third quarter than thought.
The Market Vectors Steel ETF (NYSE:SLX) closed at $64.88, losing $0.67, or 1.02 percent.
Reliance Steel & Aluminum closed Tuesday at $43.24, down $0.33, or 0.76 percent. Nucor Corp. (NYSE:NUE) finished the session at $39.88, losing $0.20, or 0.50 percent. AK Steel Holding Corp. (NYSE:AKS) dropped to $14.50, a loss of $0.14, or 0.96 percent.
Posco plummeted to $114.47, falling $5.03, or 4.21 percent. Schnitzer Steel Industries Inc. fell to an even $50, a slight loss of $0.03, or 0.06 percent. Commercial Metals Company was also off just a little, ending at $14.76, dropping $0.06, or 0.40 percent.
The steel industry overall is in for a rough ride as news continues to confirm demand is slowing.
Monday, October 4, 2010
Schnitzer (NASDAQ:SCHN), Sims (NYSE:SMS) Look Good Long Term Says Canaccord
Canaccord commented on the overall sector Schnitzer Steel (NASDAQ:SCHN) and Sims Metal Management (NYSE:SMS) operate in, and said in the short term there isn't much to get excited about, as little is out there that would suggest the ongoing drop in ferrous scrap prices will halt any time soon.
"Based on our research, we conclude the export market remains in a temporary lull following a fairly strong month in August. Overseas demand is relatively sluggish for the most part and ferrous scrap prices are on the decline (perhaps more so than we expected earlier this week). Although a lack of near-term catalysts is likely to keep Schnitzer and Sims Metal Management (NYSE:SMS) in a trading range for now, in our view, we maintain our BUY ratings based on attractive valuations and compelling long-term growth drivers," said Canaccord.
Both companies have had their shares drop from a year ago, as had most in the steel industry.
It's all about demand and it just isn't there, and likely won't be for some time.
"Based on our research, we conclude the export market remains in a temporary lull following a fairly strong month in August. Overseas demand is relatively sluggish for the most part and ferrous scrap prices are on the decline (perhaps more so than we expected earlier this week). Although a lack of near-term catalysts is likely to keep Schnitzer and Sims Metal Management (NYSE:SMS) in a trading range for now, in our view, we maintain our BUY ratings based on attractive valuations and compelling long-term growth drivers," said Canaccord.
Both companies have had their shares drop from a year ago, as had most in the steel industry.
It's all about demand and it just isn't there, and likely won't be for some time.
Wednesday, September 15, 2010
Nucor (NYSE:NUE), Steel Dynamics (Nasdaq:STLD) Lower Third-quarter Guidance
With Nucor (NYSE:NUE) and Steel Dynamics (Nasdaq:STLD) lowering their third-quarter guidance, Canaccord Genuity said it confirms the domestic steel scrap market, in relationship to flows and spreads, is slowing down for the quarter.
"Both Nucor and Steel Dynamics lowered their Q3 earnings guidance on Tuesday. For the record, Nucor expects Q3 earnings per share to be $0.05-$0.10, down from $0.29 in Q2/10. Steel Dynamics forecasts Q3 EPS of $0.05-$0.10, down from $0.22 in Q2/10," said Canaccord.
Neither Nucor or Steel Dynamics is rated at this time by Canaccord.
"This commentary confirms what we have been hearing about the domestic scrap market in the current quarter in terms of flows and spreads. As detailed in prior research, we recently lowered our Aug. (FQ4/10) quarter estimate for Schnitzer Steel (Nasdaq:SCHN), based on reduced expectations for average realized metal spreads. Also, we lowered our Sims Metal Management (NYSE:SMS) estimates for F2011 and F2012 due in part to mixed ferrous scrap demand trends and weaker scrap flows."
Canaccord rates Sims and Schnitzer at "Buy."
"Both Nucor and Steel Dynamics lowered their Q3 earnings guidance on Tuesday. For the record, Nucor expects Q3 earnings per share to be $0.05-$0.10, down from $0.29 in Q2/10. Steel Dynamics forecasts Q3 EPS of $0.05-$0.10, down from $0.22 in Q2/10," said Canaccord.
Neither Nucor or Steel Dynamics is rated at this time by Canaccord.
"This commentary confirms what we have been hearing about the domestic scrap market in the current quarter in terms of flows and spreads. As detailed in prior research, we recently lowered our Aug. (FQ4/10) quarter estimate for Schnitzer Steel (Nasdaq:SCHN), based on reduced expectations for average realized metal spreads. Also, we lowered our Sims Metal Management (NYSE:SMS) estimates for F2011 and F2012 due in part to mixed ferrous scrap demand trends and weaker scrap flows."
Canaccord rates Sims and Schnitzer at "Buy."
Tuesday, July 20, 2010
Schnitzer Steel (Nasdaq:SCHN) Soars on UBS (NYSE:UBS) Upgrade
Schnitzer Steel (Nasdaq:SCHN) has surged on the news UBS (NYSE:UBS) upgraded them from "Neutral" to "Buy," based on scrap metal prices rising.
In a note to clients, UBS said this:
"We conducted channel checks on Monday, speaking with five scrap dealers and other sources who confirmed market conditions had begun to improve. Most cited higher offers of $10 to $20/[ton] of late, while some said price levels could rise as much as $50/[ton] in the next 30 days. We think August scrap prices rise $10-$20/[ton month-over-month]. Shredded grades were cited back at $315/t and No 1 heavy melt was quoted at $280/[ton] from levels as low as $230/[ton] in the past month but still down from a peak $400/[ton] in April. Scrap contacts said their supplies, or flows to their yards, were slim and overseas demand had improved, with several citing exports to India and Turkey in recent days."
Some believe scrap metal prices are an early indicator of inevitable market recovery, but that remains to be seen. Alcoa (NYSE:AA) also had some of this in their recent earnings report as well, but it still comes down to demand, and that's going to be the final say in the matter, not necessarily a possible temporary increase in prices.
Schnitzer was up by just under 6 percent as of 12:40 PM EDT.
In a note to clients, UBS said this:
"We conducted channel checks on Monday, speaking with five scrap dealers and other sources who confirmed market conditions had begun to improve. Most cited higher offers of $10 to $20/[ton] of late, while some said price levels could rise as much as $50/[ton] in the next 30 days. We think August scrap prices rise $10-$20/[ton month-over-month]. Shredded grades were cited back at $315/t and No 1 heavy melt was quoted at $280/[ton] from levels as low as $230/[ton] in the past month but still down from a peak $400/[ton] in April. Scrap contacts said their supplies, or flows to their yards, were slim and overseas demand had improved, with several citing exports to India and Turkey in recent days."
Some believe scrap metal prices are an early indicator of inevitable market recovery, but that remains to be seen. Alcoa (NYSE:AA) also had some of this in their recent earnings report as well, but it still comes down to demand, and that's going to be the final say in the matter, not necessarily a possible temporary increase in prices.
Schnitzer was up by just under 6 percent as of 12:40 PM EDT.
Friday, July 2, 2010
Goldman (NYSE:GS) Lowers EPS Estimate for Schnitzer Steel (NASDAQ:SCHN)
Goldman Sachs (NYSE:GS) said in a research report that they're lowering their earnings per share estimate for Schnitzer Steel Industries (NASDAQ:SCHN), although their reiterated their "Neutral" rating on the company.
Analysts at Goldman said, “SCHN reported EPS from continuing operations of $1.43 per diluted share for its 3QFY2010 (ending May 30), above our estimate of $0.99 and the consensus estimate of $0.87. However, we expect lower scrap prices and decline in steel demand to have a significant negative impact in 4Q and are thus lowering our FY 4Q2010 estimates to $0.38 from $1.01. Our full year fiscal 2010 estimate is now $2.67, down from $2.85 earlier. We have made no changes to our FY 2011/2012/normalized estimates. Our P/E, EV/EBITDA, P/B and M&A based 6-month target price remains at $60 and we maintain our Neutral rating on SCHN.”
Concerning the long-term prospects of the company, Goldman analysts said this, “Although we maintain our Neutral rating on the stock as we see current weakness in scrap and steel prices to weigh in on the stock in the near-term, we do like the scrap fundamentals as supply is limited and demand should continue to increase as global steel production rises over coming years. Additionally emerging markets would be the main driver of incremental demand which should benefits companies like Schnitzer with coastal locations. We also like its vertically integrated model allowing the company to partially source its raw scrap from its own auto parts division.”
Goldman has a $60 price target on Schnitzer.
Analysts at Goldman said, “SCHN reported EPS from continuing operations of $1.43 per diluted share for its 3QFY2010 (ending May 30), above our estimate of $0.99 and the consensus estimate of $0.87. However, we expect lower scrap prices and decline in steel demand to have a significant negative impact in 4Q and are thus lowering our FY 4Q2010 estimates to $0.38 from $1.01. Our full year fiscal 2010 estimate is now $2.67, down from $2.85 earlier. We have made no changes to our FY 2011/2012/normalized estimates. Our P/E, EV/EBITDA, P/B and M&A based 6-month target price remains at $60 and we maintain our Neutral rating on SCHN.”
Concerning the long-term prospects of the company, Goldman analysts said this, “Although we maintain our Neutral rating on the stock as we see current weakness in scrap and steel prices to weigh in on the stock in the near-term, we do like the scrap fundamentals as supply is limited and demand should continue to increase as global steel production rises over coming years. Additionally emerging markets would be the main driver of incremental demand which should benefits companies like Schnitzer with coastal locations. We also like its vertically integrated model allowing the company to partially source its raw scrap from its own auto parts division.”
Goldman has a $60 price target on Schnitzer.
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