Reliance price target raised to $350 from $320 at BMO Capital

BMO Capital raised the firm’s price target on Reliance (RS) to $350 from $320 and keeps a Market Perform rating on the shares after its Q1 earnings beat. The firm maintains its view that Reliance is a best-in-class metals service center and processor that will continue to deliver solid/resilient through-cycle performance, with counter-cyclical free cash flow and healthy balance sheet supportive of balanced capital allocation, the analyst tells investors in a research note. BMO adds that its new estimates reflect the new DHS border wall contract.