Reliance Steel reinstated with a Neutral at BofA

BofA analyst Lawson Winder reinstated coverage of Reliance Steel with a Neutral rating and $231 price target. The analyst reinstated coverage of the U.S. steel sector saying a near-term end to destocking could support a modest rebound in key hot rolled coil steel prices. However, there are potential headwinds on recession risks and the risks aren’t all priced into the shares, Winder tells investors in a research note. The analyst suggests investors be selective.