The Globe and Mail reports in its Friday edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Russel Metals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev bumped his share target ahead by a loonie to $52. Analysts on average target the shares at $54.76. Mr. Sytchev says Russel Metals' management "continues to demonstrate its ability to find accretive assets to acquire, extract synergies and find hidden value in real estate where they can (while, of course, operating the existing platform well)." However, he warned investors "to be mindful" that the company's recent share price movement is "predicated on higher levels of HRC/plate pricing as same-store volumes were down 2 per cent year-over-year in the quarter while management talked about a flat sequential outlook in Q2/26E." Mr. Sytchev says in a note: "We have also demonstrated empirically that steel pricing has a tendency to peak in spring, potentially creating a better entry point later this year. We remain patient while commending management on solid execution amid a strong commodity tape. ... Market conditions strengthened through Q1/26 with momentum carrying into Q2/26."