Downgrade Alert for Steel Dynamics (STLD)
Steel Dynamics (NASDAQ:STLD) was downgraded from Buy to Neutral at BofA/Merrill today. The stock closed yesterday at $26.46 on volume of 5.3 million shares, above average daily volume of 3.6 million.
Steel Dynamics (NASDAQ:STLD) is currently priced 10.6% above its average consensus analyst price target of $23.66. The stock should discover initial support at its 50-day moving average (MA) of $22.48 and subsequent support at its 200-day MA of $19.28.
Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill, as well as a cold mill. The Company is also constructing a plant for the manufacture of direct reduced iron. Steel Dynamics's customers include intermediate steel processors, steel service centers, and end users such as manufacturers of cold-rolled strip.
In the past 52 weeks, shares of Steel Dynamics have traded between a low of $15.32 and a high of $28.01 and closed yesterday at $26.46, which is 73% above that low price. The 200-day and 50-day moving averages have moved 0.59% higher and 2.57% higher over the past week, respectively.
SmarTrend is monitoring the recent change of momentum in Steel Dynamics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Steel Dynamics in search of a potential trend change.
Keywords: analyst upgrades/downgrades Steel Dynamics