TSX:RUS - Post Discussion
Post by
ace1mccoy on Nov 13, 2024 8:27am
Favourites List
Stifel’s Ian Gillies increased his Russel Metals Inc. (RUS-T -0.81%decrease
) target to $54.50 from $53 with a “buy” rating, while Raymond James’ Frederic Bastien hiked his target to $56 from $50 with an “outperform” rating. The average is $48.92.
“We reaffirm our constructive stance on Russel Metals after the company agreed to purchase Tampa Bay Steel Corporation for US$78-million,” said Mr. Bastien. “This proposed acquisition—one of RUS’ finest in the US from our perspective—aligns with the firm’s performance-based culture and promises to bolster both its product offering and processing capabilities. Just as importantly, Tampa Bay Steel will extend Russel’s footprint in Florida, positioning it for further growth in this strategically important infrastructure market. Based on this, and the clearly inflationary expectations for steel coming from a second Trump presidency, we are adding RUS to Raymond James’ Analyst Current Favourites list. Our target price moves to $56, for an implied return of 31 per cent from [Tuesday’s] close.”
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