Goldman Sachs analyst Emily Chieng upgraded Steel Dynamics (STLD) to Buy from Neutral with a price target of $88, down from $89. The analyst we see the company’s downstream business as “underappreciated by the market,” saying demand is still holding in and underpinning greater pull-through volumes from its steel segment. Steel Dynamics should experience “resilient” margins as substrate costs decline, has potential for further capital returns, and the shares trade at a” discounted” valuation relative to its nearest peer, Nucor (NUE), Chieng tells investors in a research note.