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RS

Reliance Steel

$91.30

0.24 (0.26%)

14:10
07/20/18
07/20
14:10
07/20/18
14:10

Call buyers in Reliant Steel ahead of earnings next week

Call buyers in Reliant Steel ahead of earnings next week. The stock up 34c to $91.40 and Aug 100s trade across the exchanges from 40 to 50c per contract, including 2.6K for 50c when bid-ask was 40 to 55c. 3.1K trade total and the bullish flow today will double aggregate open interest in the name, which is currently 3.2K across all strikes. The calls are struck 9.4% above spot and expiring in four weeks. Earnings due Thursday morning. Shares rose 4.8% to $93.03 on 4/26 after the last report, but has given back roughly half of the advance since that time.

  • 26

    Jul

RS Reliance Steel
$91.30

0.24 (0.26%)

02/07/18
LBOW
02/07/18
UPGRADE
LBOW
Buy
Reliance Steel upgraded to Buy from Neutral at Longbow
03/20/18
GSCO
03/20/18
INITIATION
Target $103
GSCO
Neutral
Reliance Steel initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Reliance Steel with a Neutral rating and $103 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
03/29/18
DBAB
03/29/18
NO CHANGE
Target $50
DBAB
Buy
Correction in Steel stocks seems overdone, says Deutsche Bank
Deutsche Bank analyst Chris Terry believes the current fundamentals of Steel companies are not priced into the shares at current levels. He sees further earnings upgrades as companies report Q1 results and provide updated guidance. Terry thinks the correction in the shares appears overdone and keeps Buy ratings on Commercial Metals (CMC), US Steel (X), Reliance Steel (RS), AK Steel (AKS) and Ryerson (RYI). The analyst raised his price target for US Steel to $50 from $44.
07/10/18
JEFF
07/10/18
UPGRADE
Target $103
JEFF
Buy
Reliance Steel upgraded to Buy from Hold at Jefferies
Jefferies analyst Seth Rosenfeld upgraded Reliance Steel & Aluminum to Buy and raised his price target for the shares to $103 from $95. While U.S. steel price momentum is "likely to fade," Reliance's track record of "best-in-class" margin performance should continue to drive "robust" earnings and free cash flow generation in the quarters ahead, Rosenfeld tells investors in a research note. The analyst believes elevated steel prices should continue to benefit the company's sales into 2019 and thinks consensus estimates underestimate its margin potential.

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