Jefferies Provides Color on Steel Dynamics

Jefferies provided color on Steel Dynamics STLD after the company reported better than expected quarterly results. In a research report published today, Jefferies stressed its optimism about the company's prospects. In the report, Jefferies states, “While the company will likely provide additional color regarding its expectations on its conference call, based on what we know so far from management's comments and better than expected earnings trends in 2Q11, we do not foresee major revisions to estimates for 2H11 (consensus is currently $0.38 and our estimate is $0.36 for 3Q11).” At the moment, Jefferies has a Buy rating and a price target of $20 placed on the company's stock. In today's trading, STLD added 4.34% to its value to trade around $16.10.