Reliance, Inc. price target raised to $355 from $295 at BMO Capital

BMO Capital raised the firm’s price target on Reliance, Inc. to $355 from $295 and keeps an Outperform rating on the shares. The firm cites the company’s better than expected Q4 results while noting that the stock’s higher through-cycle multiple is justified given Reliance’s continued organic investments that should support further margin expansion over time, the analyst tells investors in a research note. BMO further notes Reliance’s “best-in-class” balance sheet and free cash flow generation, with “ample” liquidity offering a lot of optionality that includes growth and shareholder returns.