Schnitzer Steel's (NASDAQ:SCHN) Competitive Advantage

Canaccord Genuity is bullish on Schnitzer Steel (NASDAQ:SCHN), citing their business model and competitive advantage this is difficult to copy.

"We remain bullish on SCHN given 1) strong current industry fundamentals; 2) a business model that can generate substantial earnings and operating cash flow when industry dynamics are on the upswing; 3) highly strategic assets that cannot be replicated; and 4) compelling long-term growth drivers," says Canaccord.

Canaccord Genuity reiterates a "Buy" rating on Schnitzer Steel, which was trading at $64.50, up $2.69, or 4.35 percent, as of 11:27 AM EST. They raised their price target on Schnitzer from $67 to $80.