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Schnitzer Steel Shares Rise, Defying Goldman Downgrade
Steel-maker Schnitzer Steel Industries (SCHN Quote), was downgraded Monday by a Goldman Sachs analyst, but its shares still rose more than 5% in early trading.The Portland, Oregon-based company was downgraded by Goldman Sachs to "Sell" from "Neutral." Goldman said it sees the company as overvalued compared to its peers, and expects lower scrap steel prices in June to affect its bottom line.
Goldman also set a price target of $38 for the stock.
The downgrade didn't seem to shake investor confidence in the shares, however. Schnitzer's stock rose $2.51, or +4.6%, in morning trading Monday, despite the downgrade....
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