The Irving, TX-based company manufactures, recycles and markets steel and metal products, related materials and services.
The lower price target accounts for weaker EBITDA forecasts, the firm said.
"CMC metals spreads are now starting to be pressured by normalization in the scrap market and continued import share gains...While Turkish rebar prices have increased significantly, so have US scrap prices," Credit Suisse wrote in an analyst note.
Muted demand growth and import risks suggest rebar prices will be slower to adjust upward relative to scrap, in the firm's view.
Rebar is a steel bar or mesh of steel wires used as a tension device in reinforced concrete and masonry structures.
Shares of Commercial Metals closed at $16.74 on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by multiple strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. The team feels its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CMC