Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies reiterated a Hold rating on Reliance Steel & Aluminum (NYSE: RS), and cut the price target to $70.00 (from $72.00), following the company's 3Q earnings report. RS reported adjusted EPS of $1.25, which was below the consensus of $1.32, and at the lower end of the $1.25-1.35 guidance range. Management guided to adjusted 4Q16 EPS of $0.65-0.75, which was below the consensus of $1.03 ($0.80-1.25 range).
Analyst Seth Rosenfeld commented, "RS reported adj. 3Q16 EPS of $1.25, which was at the bottom of guidance range ($1.25-1.35) and below our $1.35 estimate. Mgmt noted that both pricing and demand deterioration was greater than initially anticipated. RS continues to evaluate its footprint, culling some energy-related businesses, but continues its focus on organic and acquisitive growth with ample financial flexibility. Maintain Hold."
Shares of Reliance Steel & Aluminum closed at $69.68 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- Jefferies Cuts Price Target on PG&E Corp. (PCG) to $65 Following Rate Case Decision
- Jefferies Raises Price Target on US Physical Therapy (USPH) to $63 Following 12-Clinic Acquisition
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!