Deutsche Bank Upgrades Reliance Steel & Aluminum (RS) to Buy

November 9, 2016 11:32 AM EST
Get Alerts RS Hot Sheet
Price: $80.09 +0.19%

Rating Summary:
    7 Buy, 9 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on Reliance Steel & Aluminum click here. For more ratings news on Reliance Steel & Aluminum click here.

Shares of Reliance Steel & Aluminum closed at $69.40 yesterday.

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