The Globe and Mail reports in its Thursday, Oct. 19, edition that Scotia Capital analyst Michael Doumet has reaffirmed his "sector perform" recommendation for Russel Metals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doumet trimmed his share target to $42 from $44. Analysts on average target the shares at $42.94. The Globe says Mr. Doumet sees steel prices "moderating" in the last half of the year. Mr. Doumet says in a note: "Lower steel prices should weigh on Russel sales/margins in the 2H23. According to Steel Benchmarker, HRC and plate prices declined 22 per cent and 4 per cent quarter-over-quarter. For Russel, MSC volumes typically moderate from 2Q into 3Q due to the Quebec construction holiday (and other seasonal factors). Similar to the MSC business, we expect normalizing/moderating volumes/margins at SD. We expect activity in EP to remain healthy. Altogether, we trimmed our 3Q23 EPS to 90 cents, which includes positive contributions (and a gain) from Trimark (fully divested in September). For 4Q23, we lowered our EPS to 72 cents -- which, we believe represents a rough EPS run-rate into 2024E (which is roughly in-line with our view of mid-cycle EBITDA/EPS)."