Reliance price target lowered to $284 from $296 at Wells Fargo

Wells Fargo analyst Timna Tanners lowered the firm’s price target on Reliance (RS) to $284 from $296 and keeps an Equal Weight rating on the shares after a disappointing Q3 result and Q4 guide, as the firm thinks recent earnings reflect particularly challenging market conditions. While Wells sees limited near-term positive catalysts, the firm is watchful of better steel prices and demand.