Deutsche Bank Upgrades Reliance Steel & Aluminum (RS) to Buy
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Deutsche Bank upgraded Reliance Steel & Aluminum (NYSE: RS) from Hold to Buy with a price target of $78.00 (from $75.00). The change follow's Trump's victory.
Analyst Jorge Beristain said, "We view NA M&M equities exposed to Precious Metals and Steel & Aluminum protectionism stocks as key beneficiaries from Donald Trump’s win of the US Presidency. Outcome may lead to an increase in risk aversion and general market volatility - both supportive for Precious equities. In Steel & Aluminum we believe the US could further protect and enhance rising safeguards against unfair trade. We upgrade to Buy from Hold Reliance ($78/sh vs $75/sh), Ryerson ($14/sh unchanged) and US Steel ($24/sh vs $19/sh) on possible protectionism. In Precious we upgrade Franco-Nevada from Hold to Buy ($74/sh PT unchanged) with valuation appeal following a recent sell-off."
Shares of Reliance Steel & Aluminum closed at $69.40 yesterday.
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Create E-mail Alert Related CategoriesAnalyst PT Change, Upgrades
Related EntitiesDeutsche Bank, Donald J. Trump
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