Jefferies Downgrades Olympic Steel (ZEUS) to Hold on Valuation

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Jefferies downgraded Olympic Steel (NASDAQ: ZEUS) from Buy to Hold with a price target of $21.00 (from $22.00).

The firm comments, "We're downgrading ZEUS to HOLD following the recent improvement in valuation and in light of continued margin pressure in U.S. flat rolled distribution. At this time, we see greater downside risk than upside to 2013 estimates. The shares are near our target price and we have little basis to argue sufficient further upside to maintain our BUY near term."

For an analyst ratings summary and ratings history on Olympic Steel click here. For more ratings news on Olympic Steel click here.

Shares of Olympic Steel closed at $20.02 yesterday, with a 52 week range of $14.77-$28.31.

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