UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Metals USA Holdings
In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Metals USA Holdings (NYSE: MUSA), and slightly raised its price target from $17.00 to $18.00.
J.P. Morgan noted, “We rate MUSA Neutral with an $18 price target. We expect MUSA to generate relatively stable earnings over 2012 and 2013. Additionally, the company's earnings should be supported by recent acquisitions, and additional deals could also provide a further source of growth. However, in a weaker steel price environment that typically weighs on spreads, we don't believe the growth will be significant enough to drive the company's stock price significantly higher in the near term.”
Metals USA Holdings closed on Tuesday at $14.01.
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