Citi Reiterates Buy Rating on Steel Dynamics (STLD)

Citi analyst Alexander Hacking reiterated a Buy rating and $160.00 price target on Steel Dynamics (NASDAQ: STLD).

The analyst comments "We update our STLD model with 4Q EBITDA set at $416m (-20% QoQ on seasonality and price lags) and 2025 EBITDA at $2.6bn (+3% vs prior). The company reiterated its positive view on the outlook on the call. Investor focus is mostly on Sinton and aluminum rolling mill that have ~$1bn of EBITDA potential (~$400m Sinton; ~$600m aluminum). Sinton is targeting 75% in 4Q, and it is still unclear to us when the company can finally unlock full potential. The aluminum mill remains on track to start rolling in 2Q25. We remain positive on STLD seeing a unique earnings growth story amongst our steel coverage, independent of broader steel markets."

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Shares of Steel Dynamics closed at $135.05 yesterday.

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