The Globe and Mail reports in its Friday edition that Stifel analyst Ian Gillies has downgraded Russel Metals to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies's new $50.50 target for the Toronto-based company's shares falls below the average on the Street of $51.17. Mr. Gillies says in a note: "We believe Russel's end market demand is improving, and we have increased our 2026E EBITDA forecast by 7.8 per cent. However, the stock's 2027E P/book valuation properly reflects this improvement in the company's outlook. The current 27E P/B implies a forward 12-month return of 7.6 per cent. We believe operational catalysts could be limited in 1H26E as Russel integrates recent acquisitions. ... We launched coverage of Russel on 3/15/2022 with a 'buy' rating. Since that time, the stock has generated a total return of 94 per cent, compared to the S&P/TSX at 53.7 per cent and S&P 500 at 61.5 per cent. Our increased target price of $50.50/sh reflects a potential 12-month total return of 6 per cent. Russel remains a very well run company, and we expect 4Q25 results to meet/exceed expectations with a potential lift to consensus 26E EBITDA, but we await a better entry point."