Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
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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.
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