Seaport Global Raises Reliance Steel Price Target to $390 Following Strong Results

Key Facts

Seaport Global has raised its price target for Reliance Steel & Aluminum to $390, surpassing KeyBanc's previous target of $378, while maintaining a positive outlook on the stock. The revision follows a stellar earnings report where the company posted an EPS of $5.16, significantly beating the consensus estimate of $4.63. Revenue for the period reached $4.03 billion, representing a robust 15.5% year-over-year increase. This growth was further supported by a 12.6% rise in the average selling price per ton, which bolstered overall margins. Analysts highlighted that strong free cash flow and diversified macroeconomic exposure continue to solidify the company's position as a core industrial holding. This updated valuation reflects growing market confidence in Reliance Steel's ability to sustain its growth momentum and operational efficiency.