UPDATE: Jefferies Downgrades Schnitzer Steel Industries as Recycling is Expected to Remain Weak, Stock is Overvalued

In a report published Monday, Jefferies analyst Luke Folta downgraded the rating on Schnitzer Steel Industries (NASDAQ: SCHN ) from Hold to Underperform, but reiterated the $25.00 price target. In the report, Jefferies noted, “We see the recent expansion in valuations for SCHN unsupported by underlying business fundamentals and see