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Goldman Sachs Ups Reliance Steel & Aluminum to Buy


From Standard & Poor's Equity Research

Goldman Sachs upgraded Reliance Steel & Aluminum (RS) to buy from neutral, noting a 40% drop in shares since May.

Analyst Sal Tharani estimates upside potential of around 60% to his $48 12-month target (raised from $44.) The analyst believes the market does not fully appreciate the positive potential of recent acquisitions such as Yarde Metals. The analyst expects further upside due to factors such as the company's diversified product mix, wide geographic footprint, and strong demand from its three key end markets. Tharani raises a $4.80 2006 EPS estimate to $5.00 and a $4.45 2007 EPS estimate to $5.25.


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