Reliance price target lowered to $325 from $335 at KeyBanc

KeyBanc analyst Philip Gibbs lowered the firm’s price target on Reliance to $325 from $335 given lower earnings estimates, while keeping an Overweight rating on the shares. After conducting Q3 Sheet on the Street Survey of carbon sheet product distributors and due diligence, the firm maintains a balanced view on carbon steel equities.