Reliance Sees 14.7% Price Target Hike to $390 After Q1 Beats
An analyst upgrade lifted Reliance’s price target 14.7% to $390 after the company posted Q1 adjusted EPS of $5.16, $0.53 above consensus. Net sales climbed 15.5% to $4.03 billion, driven by a 12.6% increase in average selling price per ton.
1. Price Target Increased to $390
An analyst upgraded the price target by 14.7% from $340 to $390, reflecting strong confidence in the company’s future valuation.
2. Q1 Adjusted EPS Tops Forecasts
Reliance posted adjusted EPS of $5.16 for Q1, exceeding the consensus forecast of $4.63 by $0.53 and marking a significant earnings beat.
3. Net Sales Rise to $4.03 Billion
Net sales climbed 15.5% year-over-year to $4.03 billion, outpacing estimates as a 12.6% increase in average selling prices drove revenue growth.
4. Upbeat Demand Outlook for Q2
The company anticipates sustained demand from construction, manufacturing and aerospace sectors, supporting a positive outlook for the second quarter.