JP Morgan Maintains Overweight on Commercial Metals, Lowers Price Target to $83
JP Morgan analyst Bennett Moore maintains Commercial Metals (NYSE:CMC) with a Overweight and lowers the price target from $86 to $83.
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Shares of steel-related companies are trading lower amid sympathy with Nucor and Steel Dynamics after both issued their respective Q3 EPS guidance below estimates.
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Shares of steel and industrial metal-related companies are trading higher. July's Factor Order data could signal growing demand, and the Beige Book noted increased manufacturing activity across most districts.