TD Securities analyst Michael Tupholme upgraded Russel Metals to Buy from Hold with a price target of C$46, up from C$44. The firm views the stock’s valuation as attractive and is “encouraged” by hot-rolled coil’s recent price upturn. It sees margin upside associated with Russel’s “value-added” processing initiatives, the recent Samuel acquisition, and its “strong” balance sheet.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RUSMF: