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Fly News Breaks for January 21, 2020
Jan 21, 2020 | 07:42 EDT
Cowen analyst Tyler Kenyon downgraded Reliance Steel to Market Perform from Outperform as he sees a more balanced risk/reward at current levels. The analyst said its current valuation appears to capture it enhanced longer-term margin and free cash flow profile and its optionality to infrastructure and M&A/organic growth prospects. Kenyon lowered his price target to $122 from $123 on Reliance Steel shares.