STLD - Price targets hiked for CLF MT and SCHN at KeyBanc on steel optimism

KeyBanc raises estimates across the steel sector on expectations of tighter supplies and improved demand, KeyBanc analyst Philip Gibbs says, seeing "idiosyncratic value" and raising price targets for Cleveland-Cliffs ([[CLF]] +0.4%), ArcelorMittal ([[MT]] +1.7%) and Schnitzer Steel ([[SCHN]] +2%)."We believe these equities will benefit the most from our view U.S. high-end low-residual metallics will be tight for the foreseeable future via new U.S. EAF mills (structural demand), China's potential re-entry into the 2021 scrap import market, and ESG pressures," KeyBanc's Philip Gibbs writes, raising CLF, MT and SCHN targets to $17, $28 and $35, respectively.However, Gibbs cites non-residential construction capex concerns, peakish hot-rolled coal metal spreads, and unattractive valuations for having less confidence in Commercial Metals ([[CMC]] +0.1%), Nucor ([[NUE]] -1%) and Steel Dynamics ([[STLD]] -0.9%), although any federal infrastructure stimulus could get investors re-energized.KeyBanc raises its pricing estimates for U.S. spot hot-rolled coiled steel to $585/ton from $570 for

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Price targets hiked for CLF, MT and SCHN at KeyBanc on steel optimism