The Globe and Mail reports in its Tuesday, Feb. 13, edition that Scotia Capital analyst Michael Doumet has reaffirmed his "sector perform" recommendation for Russel Metals. The Globe's David Leeder writes that Mr. Doumet moved his share target up by $3.50 to $50. Analysts on average target the shares at $49.88. Mr. Doumet says in a note: "Russel Metals is increasingly breaking away from its correlation with metal prices and WTI. This shift, we think, is due to its successful capital allocation (in the last three years) and its runway for additional accretive investments: a clean balance sheet provides Russel with room to capitalize on opportunities (i.e., M&A, buybacks) when metal prices are soft and optimize profits when the backdrop is favourable. Further, we believe management's desire to maintain a conservative balance sheet (through the cycle) reinforces this shift in investor psychology. Over time, continued success is likely to lead to (further) multiple expansion. We have liked what Russel was doing for some time. We liked its most recent acquisition and its increased growth capex and buybacks. However, with Russel shares having done well in the LTM, we missed the opportunity to get more positive."