KeyBanc on Carbon Steel: Updating Pair Trade of Reliance Steel (RS) and Metals USA (MUSA)
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Price: $380.31 --0%
Rating Summary:
4 Buy, 14 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
Rating Summary:
4 Buy, 14 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
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KeyBanc on Carbon Steel: Pair Trade of RS and MUSA
Analyst, Mark L. Parr, said, "Our market neutral pair trade of long Reliance Steel & Aluminum Co. (NYSE: RS)(BUY; $59 price target) and short Metals USA Holdings Corp. (NYSE: MUSA)(HOLD) has become less compelling after normalization of valuations. The roughly 10% upside to our price target on RS and our HOLD rating on MUSA remain intact, respectively. Since making the pair trade recommendation (against July 24 closing prices), shares of RS have outperformed those of MUSA by 20%. Our thesis was catalyzed by Apollo's sale of 4 million-4.6 million MUSA shares on August 6.
Analyst, Mark L. Parr, said, "Our market neutral pair trade of long Reliance Steel & Aluminum Co. (NYSE: RS)(BUY; $59 price target) and short Metals USA Holdings Corp. (NYSE: MUSA)(HOLD) has become less compelling after normalization of valuations. The roughly 10% upside to our price target on RS and our HOLD rating on MUSA remain intact, respectively. Since making the pair trade recommendation (against July 24 closing prices), shares of RS have outperformed those of MUSA by 20%. Our thesis was catalyzed by Apollo's sale of 4 million-4.6 million MUSA shares on August 6.
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