In a research note released Monday, Jefferies analyst Luke Folta increased his price target on AK Steel (NYSE: AKS) from $6.50 to $7.00 and rated the company a Hold. Additionally, he decreased the price target on Nucor (NYSE: NUE) from $59 to $58 and is rated a Buy.
The changes were primarily done on the basis of accelerated steel demand in the second quarter; demand was weak in the first quarter. The analyst is expecting demand to continue to increase.
For the current quarter, earnings per share estimates went from $0.07 to a loss of $0.04. For the current year, estimates went up $0.04 to a loss of $0.21. The largest gain was made in estimates for next year going from $0.42 to $0.72.
Shares of the company closed up nearly three percent at $7.66.
On Nucor, current quarter estimates were decreased from $0.60 to $0.36. For the current year, estimates were decreased from $2.45 to 1.85. For next year estimates were decreased to $4.00 from $4.25.
Shares of the company closed down less than one percent at $50.16.
- metaljunction »
- Metal News
Metal News & Events
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.