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Fly News Breaks for August 26, 2019
RYI
Aug 26, 2019 | 06:49 EDT
BMO Capital analyst Joel Tiss lowered his price target on Ryerson to $7 and kept his Market Perform rating, saying that while the company has done well to absorb higher cost inventories and reduce expenses, the management anticipates Q3 revenue and selling prices to fall up to 5% sequentially due to "ongoing macro uncertainties". The analyst adds that based on his insight into Ryerson's customers, he expects demand to decline in the second half of this year, resulting in further "inventory destocking".
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