Longbow Research analyst Chris Olin downgraded Reliance Steel & Aluminum (NYSE: RS) from Buy to Neutral.

The analyst comments "Estimates may need to come down for RS (and the other distributors) to reflect the negative price momentum within the ferrous and nonferrous metal markets and limited margin upside. The shares may get stuck in a narrow trading range of $80-85 until there is increased visibility on stainless and aluminum prices."

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 $81.07 yesterday.