Stock Track | Ryerson Holdings (RYI) Soars 5.27% as BMO Capital Raises Price Target to $25

Stock Track02-24

Shares of Ryerson Holdings (RYI) surged 5.27% on Monday, amid a bullish analyst action on the industrial metals distributor. The stock's rally came after BMO Capital raised its price target on RYI to $25 from $23, while maintaining a Market Perform rating.

According to BMO Capital analyst Katja Jancic, Ryerson delivered strong financial results and provided an optimistic outlook, prompting the firm to raise their price target. Jancic noted that the company's strategic shift towards higher-margin products and services is paying off, positioning it well for future growth.

Despite the raised price target, BMO Capital maintained a Hold rating on RYI shares, indicating a balanced view on the stock's valuation and potential upside from current levels. Nevertheless, the positive analyst commentary and increased price target appear to have fueled investor confidence, driving Ryerson's shares higher on Monday.

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