UPDATE: BMO Capital Starts Reliance Steel & Aluminum (RS) at Outperform

August 15, 2022 3:45 AM EDT
Get Alerts RS Hot Sheet
Price: $174.37 -1.29%

Rating Summary:
    11 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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(Updated - August 15, 2022 5:13 AM EDT)

BMO Capital analyst Katja Jancic initiates coverage on Reliance Steel & Aluminum (NYSE: RS) with a Outperform rating and a price target of $230.00.

The analyst comments "In our view, Reliance's business model centered around small, spot-based orders, metals/product mix diversification, and increasing value-added processing capabilities represent a meaningful competitive advantage, yielding above-peer margins/solid through-cycle performance. Reliance's healthy balance sheet and resilient/counter cyclical FCF offer optionality, even in a declining pricing environment, in our view. Strategically, Reliance's continued margin-enhancing inorganic/organic investments, in our opinion, open the door for additional valuation uplift potential."

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 $197.20 yesterday.

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