Jefferies Downgrades Olympic Steel (ZEUS) to Hold

Jefferies downgraded Olympic Steel (NASDAQ: ZEUS) from Buy to Hold with a price target of $16.00 on valuation.

Analyst Seth Rosenfeld commented, "Despite an improving steel market outlook after a deep Q4 trough, strong YTD equity performance leaves sector valuation hard to justify at 8.8x 2016 EV/EBITDA vs historical ave 6.7x. We downgrade RS, CMC and ZEUS from Buy to Hold to reflect increasingly stretched vals on both 2016 and even 2017 earnings in addition to relatively less incremental exposure to recovering flat steel prices than seen amongst peers."

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 $16.88 yesterday.

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