GrafTech falls after JP Morgan cuts to 'underweight'

Steel Dynamics

14/04/2026 11:21

** Shares of graphite electrode maker GrafTech International EAF.N down 2.6% at $7.57 premarket

** J.P. Morgan downgrades stock to "underweight" from "neutral", citing structural oversupply in the electrode market and near-term cost risk

** Brokerage, however, views the sector as a "relative safe haven" as it expects 2025's "pent up demand and buyers' acclimation to Trump's 2.0 trade policy could support relatively steady activity moving forward"

** Raises price targets on Steel Dynamics STLD.O, Nucor NUE.N and Reliance RS.N

** 3 of 4 brokerages rate EAF "hold" and 1 "sell" or lower; their median PT is $8 - data compiled by LSEG

** As of last close, EAF down ~50% YTD

Company
New PT
Previous PT
Steel Dynamics
$205
$192
Nucor
$212
$198
Commercial Metals Company
$78
$83
Cleveland-Cliffs
$10
$13
Reliance
$340
$330

 (Reporting by Kanchana Chakravarty in Bengaluru)

 ((Kanchana.Chakravarty@thomsonreuters.com;))