KeyBanc lowered the firm’s price target on Reliance Steel to $290 from $300 and keeps an Overweight rating on the shares. The firm maintains a balanced view on carbon steel equities, with mixed estimate revisions and further sector EBITDA normalization. Although KeyBanc has decreased its real carbon steel demand outlook, the firm has largely maintained its spot U.S. pricing HRC view for 2023 and 2024 given weaker import pressure.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on RS: