Goldman Sachs analyst Emily Chieng downgraded Reliance Steel to Neutral from Buy with a price target of $201, down from $218. Since the analyst initiated Reliance with a Buy rating on November 3, 2021, the shares are up 12%, versus Goldman’s covered U.S. steel peers being down 17% on average, and the S&P 500 Index down 23%. Chieng believes the shares are more fairly valued at current levels and sees downside risk to volumes in 2023.
previous post