BofA analyst Lawson Winder raised the firm’s price target on Reliance, Inc. to $360 from $310 and keeps a Neutral rating on the shares after the company reported Q4 EPS well above its guidance and consensus. The firm is applying a higher multiple to account for its resilient business model, counter-cyclical cash generation, an improved M&A landscape, and the recent relative valuation versus industrial distributors, but reiterates a Neutral rating given the 17% year-to-date rally and limited upside to its revised target.
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