Reliance price target lowered to $315 from $340 at BMO Capital

BMO Capital analyst Katja Jancic lowered the firm’s price target on Reliance (RS) to $315 from $340 and keeps an Outperform rating on the shares. The company’s Q3 earnings came in within its guided range, while its Q4 outlook was a bit below expectations, though explainable by a temporary margin compression, the analyst tells investors in a research note. BMO adds that it still sees annual sustainable gross profit margin range of 29%-31%, though it is trimming its forward-looking expectations.