KeyBanc raised the firm’s price target on Reliance (RS) to $325 from $320 and keeps an Overweight rating on the shares. The firm is refreshing its 2026 outlook on U.S. carbon steel equities post recent due diligence and completion of its Q4 2025 proprietary Sheet on the Street survey. KeyBanc estimate changes for Q4 2025 on sheet mills are subdued amid trough lag pricing and outages. The firm’s 2026 revisions are mixed-to-positive, supportive of a nicely improved year of profitability for the sector.
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