Jefferies reiterated a Hold rating on Olympic Steel (NASDAQ: ZEUS), and raised the price target to $20.00 (from $16.00), following the company's 1Q earnings report. ZEUS reported an EPS loss of -$0.07 which was ahead of the consensus estimate of -$0.15. ZEUS also noted its expectations of improving financial results in conjunction with improved demand.

Analyst Seth Rosenfeld commented, "ZEUS reported a 1Q16 earnings loss which was less severe than we/consensus had forecast as the company benefitted from strong QoQ volume growth and an improving spot market. Incremental financial improvement is expected alongside demand and aided by contractual sales resetting at higher pricing in 2Q-3Q. We maintain our Hold post results."

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Shares of Olympic Steel closed at $22.62 yesterday.