Steelcase Inc. (NYSE: SCS) has recently enjoyed notable positive changes in fundamentals: the consensus estimate for February, 2024 increased significantly, the consensus estimate for February, 2023 increased significantly, and significant quarterly earnings acceleration occurred.
Recent meaningful positive changes in investment behavior have benefitted Steelcase Inc. (NYSE: SCS): the stock’s recent price rise disrupted its longer term downtrend.
In light of these very positive signals we are reviewing our current Overall Rating of B. We would continue to view the shares with optimism pending completion of this review in the next several days.
Current PriceTarget Research Rating
Reflecting future returns on capital that are forecasted to exceed the cost of capital, SCS is expected to continue to be an important Value Builder.
Steelcase has a current Value Trend Rating of B (Positive). With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing very contradictory signals. Steelcase has a slightly negative Appreciation Score of 31 but a very high Power Rating of 98, producing the Positive Value Trend Rating.
Recent Price Action
Steelcase Inc. (NYSE: SCS) stock closed at $13.10 on 1/3/24 after a modest decline of -1.4%. Moreover, this decline was accompanied by above average trading volume at 149% of normal. The stock has declined -5.8% during the last week but has been exceptionally strong relative to the market over the last nine months.
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