Commodities & Metals
Goldman Sachs Backs Away From Two Steel Stocks (NUE, GNA)
Published:
After Nucor Corp. (NUE-NYSE) lowered guidance, Goldman Sachs has decided to withdraw it from the Americas Conviction Buy List. It notes that the stock appears undervalued to the $71.00 price target and it is keeping its official BUY Rating on the stock, but it says there is no near-term catalyst on the stock.
Gerdau AmeriSteel Corp. (GNA-NYSE) has also been downgraded from a Neutral down to a SELL Rating, and added to Americas Conviction Sell List. It sees near-term weakness in demand for end products and is overvalued compared to Goldman’s target of $13.00. 2007 estimates were lowered from $1.50 EPS down to $1.45.
Jon C. Ogg
June 13, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.