UPDATE: J.P. Morgan Downgrades Reliance Steel & Aluminum to Neutral, Lowers PT

In a report published Monday, J.P. Morgan & Co. downgraded its rating on Reliance Steel & Aluminum RS from Overweight to Neutral, and lowered its price target from $67.00 to $62.00. J.P. Morgan noted, “We rate RS Neutral with a $62 price target. Over the past several years, RS has made numerous acquisitions that have meaningfully increased the earnings base of the company which should help to drive further growth in 2013. However, with non-residential construction still showing little signs of improvement and our forecast for a still weak steel price environment, we don't think this accumulated earnings power will be utilized enough to drive the company's earnings significantly ahead of our estimates. We are Neutral on the stock as we think the company's near-term growth prospects are largely priced into its stock at this point with RS trading at its 52-week high.” Reliance Steel & Aluminum closed on Friday at $57.66.