Deutsche Bank analyst Jorge Beristain believes Metals & Mining companies with exposure to precious metals and steel and aluminum will benefit from trade protectionism under President-elect Donald Trump. The analyst upgraded to Buy from Hold Franco-Nevada (FNV), Reliance Steel (RS), Ryerson (RYI) and U.S. Steel (X). Higher import duties and/or regulations for aluminum and steel products are likely, which should "provide a tailwind" for domestic steel and aluminum prices, Beristain tells investors in a research note. The analyst has a $74 price target for Franco-Nevada, a $78 target for Reliance, a $14 target for Ryerson and a $24 target for U.S. Steel.

Says will continue to buy back stock "hand over fist." Says Cleveland-Cliffs (CLF) "the only U.S. solution" for U.S. Steel (X). Says will have to "re-assess value" of U.S. Steel. Says targeting net debt to EBITDA of 2.5x. Says balance sheet in "great shape, near record liquidity." Sees CapEx ~$1B/year from 2025-2028. Comments taken from Q1 earnings conference call.