JPMorgan Cuts Reliance (RS) Price Target But Maintains ‘Overweight’ Stance

Reliance Steel & Aluminum Co. (NYSE:RS) is one of the top steel stocks to buy amid US tariffs. On October 13, JPMorgan reiterated an ‘Overweight’ rating on the stock and cut the price target to $345 from $350. The price target cut comes as the investment bank continues to observe market developments.

JPMorgan Cuts Reliance (RS) Price Target But Maintains ‘Overweight’ Stance

JPMorgan’s Overweight rating is buoyed by the company’s growth prospects and long-term outlook. Reliance Steel & Aluminum Co. (NYSE:RS) has already reiterated its focus on strategic acquisition opportunities and macroeconomic uncertainties. Its ability to navigate tariff uncertainties and capitalize on market opportunities also underscores its long-term outlook.

“We continue to see new acquisition opportunities despite continuing macroeconomic uncertainty and we will maintain our focus on pursuing opportunities that expand our geographic footprint and the value added metal processing solutions we offer our customers, align with our emphasis on smart profitable growth and complement our strong gross profit margin profile,” said Carla Lewis, President and Chief Executive Officer.

Reliance Steel & Aluminum Co. (NYSE:RS) processes and distributes a wide range of steel products and other metals, making it the largest metals service center in North America. It provides value-added processing services, such as cutting and forming, manages metal inventories, and distributes over 100,000 different metal products to a diverse customer base across many industries.

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Disclosure: None. This article is originally published at Insider Monkey.