-- Stifel Canada on Thursday reiterated its hold rating on the shares of Russel Metals (RUS.TO) while raising its price target to C$58.50 from C$49.00 following the company's first-quarter results.
"RUS is benefitting alongside other "old world" businesses from the "HALO" effect. This stock market effect is being further aided by the company's smart capital allocation policy and elevated steel prices. As a result, we are increasing our target multiples to roughly +1STD above the 10Y average. Our new target multiples reflect 1.8x P/Book (10Y avg +1STD: 1.8x) and 16.0x P/E (10Y avg +1STD: 14.6x). This leads to an increase in our target price to $58.50 from $49.00. We had downgraded the stock to HOLD in February 2026 as we viewed the valuation as elevated and suggested waiting for a better entry point. We retain this view and our HOLD rating," analyst Ian Gillies wrote..
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Price: $57.58, Change: $+0.75, Percent Change: +1.32%