Jefferies Downgrades Reliance Steel & Aluminum (RS) to Hold, Sees Material Pull Back in Steel Prices

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Jefferies downgraded Reliance Steel & Aluminum (NYSE: RS) from Buy to Hold with a price target of $62.00 (from $64.00).

The analyst comments, "With U.S. steel prices poised for a (likely material) pull back and following recent expansion in valuations, we recommend investors reduce exposure to steel equities and have downgraded 4 stocks (STLD, WOR, RS, and SCHN) where we see risk-reward balanced near term. We maintain BUY ratings on the most defensive (NUE) and undervalued (GTI, MUSA, ZEUS) stocks within the group."

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 $54.99 yesterday, with a 52 week range of $31.09-$58.80.

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