my calculations get me to some different numbers.

Projected 2010 EPS $3.20 (based on my estimates, not somebody elses). Standard P/E ratio for industry = 14.

$44.80 is my 12 month price target. If you use 17, which is pretty high P/E for steel stocks, you get $54.40. Since this is a small company in this industry, I would say that a higher P/E is indeed justifiable. However, I'll stick with mine for now.