Equity Research Upgrades EPS But Maintains Buy Rating And $73 PT For Reliance Steel and Aluminum (RS)

Equity Research reiterated its Buy rating and PT on Reliance Steel and Aluminum's (NYSE: RS) shares in a research report published today, in spite of increasing its earnings per share estimate for 2011 and 2012.

In the report, Equity states Reliance Steel's better than expected Q1 results prompted an upward revision of earnings per share forecast. In 2011, Reliance Steel is now expected to post earnings of $5 per share, up from $4.90, while for the next year earnings per share was upgraded from $7.3 to $7.5. This was not enough for Equity to upgrade its price target, currently set at $73, or its rating on Reliance Steel, however.

In yesterday's trading, Reliance Steel's shares gained 0.25% to finish the day at $56.81.