Reliance price target lowered to $325 from $327 at KeyBanc

KeyBanc analyst Philip Gibbs lowered the firm’s price target on Reliance (RS) to $325 from $327 and keeps an Overweight rating on the shares. Post Reliance’s Q2 results, the firm reduces its 2025 EPS via softer gross profit margins and higher opex. KeyBanc reduced its 2026 EPS via a higher opex baseline, partially offset by higher sales/pricing given tariffs. Over the mid- to long term, the firm remains encouraged by Reliance’s strong free cash flow to equity, broad-based and diversified U.S. macro exposure, internal growth investments, and share buyback program to offer downside support. KeyBanc views Reliance as a core industrial holding, with inflation protection.