JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com - Wells Fargo has initiated coverage on Reliance Steel & Aluminum (NYSE:RS) with an Equal Weight rating and a price target of $296.00 on Thursday.
The investment bank’s rating reflects an 11x 2026E EV/EBITDA multiple, which sits above Reliance Steel’s five-year average of 9.1x. The company currently trades at an EV/EBITDA of 12.89x, with a P/E ratio of 21.34x.
Wells Fargo noted that while the firm appreciates Reliance Steel’s available capital for acquisitions and potential benefits from any reshoring initiatives, it sees "limited near-term catalysts" for the stock.
The bank specifically cited a likely pause on share buybacks and expressed caution regarding Reliance Steel’s key non-residential construction end market as factors in its assessment.
Wells Fargo also indicated that Reliance Steel’s current valuation at the high end of its historical average based on their estimates leaves "more limited room for upside."
In other recent news, Reliance Inc. reported strong financial results for the second quarter of 2025. The company achieved non-GAAP earnings per share of $4.43, reflecting a 17.5% increase from the previous quarter. Reliance Inc. generated $229 million in cash flow from operations while maintaining a gross profit margin between 29% and 31%. These results highlight the company’s strategic initiatives and robust market position in a challenging economic climate. Additionally, there were no reports of mergers or acquisitions involving Reliance Inc. during this period. Analyst feedback on the company has not indicated any recent upgrades or downgrades. The company’s performance demonstrates its resilience and ability to navigate economic volatility.
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