Laurentian Raises .. * Assuming coverage of Russel Metals Inc. (
), Laurentian Bank Securities analyst Troy Sun raised the firm’s target to $38 from $30 with a “hold” rating. The average on the Street is $35.04.
“Historically, RUS shares have tracked steel pricing closely. Given 1) low service center inventories, 2) robust steel demand for infrastructure build-out, 3) so far muted prospects on producers adding capacity, and 4) bullish outlook from industry participants, we believe the macro environment is positive. That said, if / when the pricing fortune reverses course, the other side of the trade will be painful,” he said.