- The big rally in steel stocks like AK Steel (AKS -1%), US Steel (X -1.3%) and Steel Dynamics (STLD +1.4%) can be explained in part by better steel and company fundamentals, but they also reflect a dose of over-optimism, Nomura says in suggesting investors now on the sideline wait for a better entry point.
- Following the strong sector run, the firm foresees equity price weakness into Q2 as sheet and scrap/iron ore values correct, which it would then view as a better entry point for the integrated steel names.
- Nomura's bias on the group remains positive, and believes particularly AKS and X are becoming more broadly “investable.”
From other sites
at CNBC.com (Dec 17, 2014)
at CNBC.com (Nov 7, 2014)
at CNBC.com (Nov 5, 2014)
at CNBC.com (Oct 17, 2014)
at CNBC.com (Oct 6, 2014)
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