Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

CIBC World Upgrades Reliance Steel & Aluminum


From Standard & Poor's Equity Research

CIBC World upgraded Reliance Steel & Aluminum (RS) to sector outperform from sector perform, after the company Thursday posted quarterly results.

The company posted $2.65 second quarter earnings per share (EPS) and forecast $1.15-$1.20 third quarter EPS (adjusted for a 2-for-1 split.)

Analyst Michael Willemse says second quarter results topped guidance, while management cited strong demand in all markets, particularly aerospace (the hottest market), energy, and non-residential construction. He notes pricing in all products rose sequentially. He says the stock fell sharply yesterday, even though second quarter results were strong and the outlook for the third quarter reasonable. Despite concerns related to global growth in 2007, he finds Reliance shares attractively valued. He sees $4.60 2006 EPS and $4.30 in 2007.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus