Ryerson price target lowered to $28 from $33 at BMO Capital

BMO Capital analyst Katja Jancic lowered the firm’s price target on Ryerson to $28 from $33 and keeps a Market Perform rating on the shares. The analyst cites the company’s Q1 earnings miss and softer-than-expected outlook regarding the ongoing margin pressures. The just introduced cost-cutting program and lower-than-expected 2025 capex are positives, but with cost running meaningfully above BMO’s expectations, the firm is also cutting its FY24 EPS view to 46c from $2.72, the analyst adds.