Investment analysts at Topeka Capital Markets began coverage on shares of Reliance Steel & Aluminum (NYSE: RS) in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $70.00 price target on the stock. Topeka Capital Markets’ price target would indicate a potential upside of 8.31% from the stock’s previous close.
The analysts wrote, “As one of the largest domestic service centers, we believe the Company is well positioned to benefit from an eventual recovery in consumption growth trends in key metals and end markets such as carbon steel and non-residential construction. Historically, acquisitions have also served as an incremental growth engine for the Company and we expect management to continue to capitalize on opportunistic acquisitions in this highly fragmented industry. However, given the current valuation and macro headwinds, we would wait to initiate or add to positions.”
Reliance Steel & Aluminum (NYSE: RS) traded down 0.38% on Wednesday, hitting $64.385. Reliance Steel & Aluminum has a 52-week low of $44.91 and a 52-week high of $72.90. The stock’s 50-day moving average is currently $66.37. The company has a market cap of $4.938 billion and a price-to-earnings ratio of 13.25.
A number of other firms have also recently commented on RS. Analysts at Zacks reiterated a “neutral” rating on shares of Reliance Steel & Aluminum in a research note to investors on Monday, May 20th. They now have a $72.00 price target on the stock. Separately, analysts at Cowen and Company cut their price target on shares of Reliance Steel & Aluminum from $89.00 to $75.00 in a research note to investors on Tuesday, April 30th. They now have a “buy” rating on the stock. Finally, analysts at Goldman Sachs initiated coverage on shares of Reliance Steel & Aluminum in a research note to investors on Tuesday, April 16th. They set a “buy” rating and a $79.00 price target on the stock.
Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Reliance Steel & Aluminum has an average rating of “Buy” and an average target price of $72.11.
Reliance Steel & Aluminum Co is a metals service center company. The Company’s network of metals service centers operates more than 200 locations in 38 states, Belgium, Canada, China, Mexico, Singapore, South Korea and the United Kingdom.