Citi Lowers Price Target On Steel Dynamics (STLD)

Citi Investment Research lowered the price target and earnings estimates for Steel Dynamics, Inc. STLD, after the company reported earnings recently. It has a Buy rating, and a $21 price target, down from $22. In a note to clients, Citi writes, "After incorporating guidance and adjusting our margin assumptions for 2011, we are lowering our 2010 estimate to $0.77 from $0.91 and 2011 estimate to $1.75 from $1.85. Our new estimate reflects lower profit contributions from Steel Operations and Recycling. Based on the earnings revisions we are lowering our target price to $21 from $22." Shares of STLD closed at $14.05 yesterday, a loss of 50 cents.