RBC Capital Bumps Up Russel Metals Price Target By 2.5%

April 18, 2022 11:22 AM | 1 min read |

RBC Capital analyst Alexander Jackson raised the price target for Russel Metals Inc RUS RUSMF to C$41 from C$40 to incorporate higher near-term steel prices.
The analyst maintained the Outperform rating on the shares.
Jackson believes Russel will report a strong quarter that, excluding 2021, ranks as one of the company's best in terms of EBITDA generation despite a lower avg. Steel price in Q1 and some logistics challenges to start the year.
The analyst expects Russel's repositioning to reduce volatility and grow margins to continue to bear fruit throughout 2022 and management to navigate steel price volatility as they have over the prior two years.
Price Action: RUS shares are trading higher by 5.36% on TSX at C$34.39 and RUSMF higher by 4.43% at $26.87 on the last check Monday.