BMO Raises TP * BMO’s Devin Dodge raised his target for Russel Metals Inc. (
) to $36 from $34, keeping a “market perform” rating. The average is $39.
“As we transition away from an extremely strong 2021 for RUS, we believe the company is performing well, demand should be on an improving trend and the balance sheet is in great shape. We believe there is increased optimism around M&A and RUS has dry powder available to self-fund deals. While we are more optimistic about RUS’ near-term prospects, the outlook for moderating steel prices has historically been a challenging backdrop for the stock and prevents us from taking a more constructive view on the shares,” said Mr. Dodge.