- Commercial Metals (NYSE:CMC) +2.1% pre-market and Alcoa (NYSE:AA) +1.1% as Goldman Sachs upgrades shares to Buy from Neutral, citing "fresh areas of opportunity" within the North America metals and mining sector after the H2 2018 downturn left sentiment weak and multiples low.
- Goldman analyst Matthew Korn says he prefers quality mining stocks with low leverage and solid free cash profiles while the outlook "has become murkier" in the steel group.
- CMC is down 7% since reporting Q1 earnings last Monday, while AA reports Q4 earnings this Wednesday after the close.
- Korn also upgrades Teck Resources (NYSE:TECK) to Buy but downgrades Schnitzer Steel (NASDAQ:SCHN) to Neutral from Buy, citing major challenges to the company's scrap export business.
- ETFs: SLX, DBB, BOM, BDD, FOIL, JJM, BOS, RJZ, UBM, JJUB
- Source: Bloomberg First Word
Goldman sees metals sector opportunities; upgrades Alcoa, Commercial Metals
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About CMC Stock
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Symbol | Last Price | % Chg |
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CMC | - | - |
Commercial Metals Company |