Jefferies Cuts Price Target, Reiterates Buy on Olympic Steel (ZEUS), Says Company Offers Exceptional Value

Analysts at Jefferies reiterated their Buy rating on Olympic Steel (NASDAQ: ZEUS), but lowered their price target to $22.00 (from $25.00).

Analyst Luke Folta said "We expect ZEUS’ 2Q12 results to miss consensus and recommend reducing exposure heading into Thursday's call. We expect the shares will rise thereafter however in conjunction with improving flat rolled fundamentals given its greatest relative leverage. We reiterate our BUY rating and believe the shares offer exceptional value based on LT cycle earnings potential and depressed valuation (-14% below TBV)."

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 $16.39 yesterday.

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