Topeka Capital initiated coverage on Reliance Steel & Aluminum with a Hold rating and a price target of $70.00.
Analyst Daniel Whalen said, "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 . . .However, given the current valuation and macro headwinds, we would wait to initiate or add to positions."
Shares of Reliance Steel & Aluminum closed at $64.63 yesterday, with a 52 week range of $44.91-$72.90.
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