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Fly News Breaks for September 8, 2015
RS
Sep 8, 2015 | 08:29 EDT
As previously reported, BofA/Merrill upgraded Reliance Steel to Buy from Neutral and increased its price target to $66 from $64. The firm believes Reliance shares are attractive in an increasingly uncertain macro environment given exposure to U.S. construction demand volume, restocking, and fewer imports. BofA believes carbon, stainless, and aluminum products prices have bottomed, setting up for improved earnings ahead and views strong cash flows as especially compelling.
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