UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Reliance Steel & Aluminum on MUSA Accretion

In a report published Friday, Jefferies reiterated its Hold rating on Reliance Steel & Aluminum

, and raised its price target from $62.00 to $71.00. Jefferies noted, “While our earnings est. fall post 4Q12 results/guidance primarily on reduced volume growth and metal price expectations, we have raised our target price to account for the probable closing of RS' accretive acquisition of MUSA and have rolled our valuation fwd to CY14 est. Our $7 1PT values the shares at 7.0x combined RS/MUSA CY14E EBITDA of $1.1B.” Reliance Steel & Aluminum closed on Thursday at $67.94.