Stifel sees ‘strong buying opportunity’ in MRC Global after 10-K update

Stifel notes that MRC Global (MRC) announced it will file a Form 12b-25 to allow for the extended filing date and expects to file its 10-K with the SEC on or before March 18. Based on work completed to date, the company does not expect a material net inventory adjustment related to 2024 results or a restatement of prior periods, notes the analyst, who calls this “positive news.” With the shares down 16% since the original announcement on February 4, and tailwinds from policy, inflation, and improving gas utility markets, the firm sees a “strong buying opportunity” and keeps a Buy rating and $17 price target on MRC shares.