Reliance downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Reliance (RS) to Neutral from Overweight with a price target of $330, down from $340. The company’s earnings missed estimates due to margin pressure from aluminum price volatility, the analyst tells investors in a research note. The firm believes the stock’s current valuation more than reflects elevated pricing in the first half of 2026. Further, prices could rollover into the second half of the year and tariff-driven aluminum margin pressure may persist due to lagging semiconductor and commercial aero demand, contends JPMorgan.