Jefferies Starts Ryerson Holding (RYI) at Buy

Jefferies initiates coverage on Ryerson Holding (NYSE: RYI) with a Buy rating and a price target of $20.00.

Analyst Luke Folta comments, "RYI is a leading metals distributor with a strong platform, scale and product/market diversification. RYI has been undergoing a transformation which should continue to drive relative margin/earnings outperformance as the cycle recovers. At an 8% FCF yield, we see valuations attractive and note RYI’s high equity leverage as its large discount to peers narrows. We initiate coverage with a BUY rating and $20PT."

NOTE: Jefferies acted as joint bookrunner in the IPO.

For an analyst ratings summary and ratings history on Ryerson Holding click here. For more ratings news on Ryerson Holding click here.

Shares of Ryerson Holding closed at $11.61 yesterday.

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