BMO Capital Markets analyst Katja Jancic has downgraded Ryerson Holding Corp (NYSE:RYI) from Outperform to Market Perform with a price target of $45. The downgrade is due to a more balanced risk/reward for RYI shares and limited near-term growth catalysts. The analyst expects RYI to use FCF to reduce its debt levels and sees a weak H2 FY23 outlook. However, the analyst applauds RYI's financial and operational improvement since its IPO in 2014.