Even after their shares have traded down, we see little upside.
Near-term headwinds hide attractive aerospace growth prospects.
Fear of energy end-market weakness provides an attractive entry point for long-term investors.
A reduction in our long-term steel price forecast has an outsize effect on more-leveraged firms.
But the upstream business holds promise for contrarians with a long-term focus.
U.S. manufacturers of coatings, lumber, and long steel products are likely to be relative winners.
We think Nucor and Commercial Metals are undervalued.