- Schnitzer Steel (SCHN +17.3%) bounces back big from yesterday's near-10% drubbing, as the stock price pushes back over the $20 mark for the first time since January.
- SCHN fell yesterday in reaction to mostly disappointing FQ3 results which were hurt by weak ferrous selling prices.
- BofA/Merrill upgraded shares to Buy from Underperform with a $21 price target this morning, believing FQ3 results were a trough and noting steadier scrap prices, cost savings and valuation.
Schnitzer Steel recoups yesterday's losses and more, as BofA ups to Buy
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