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X

U.S. Steel

$31.16

-1.01 (-3.14%)

, AKS

AK Steel

$8.94

-0.16 (-1.76%)

09:03
11/30/16
11/30
09:03
11/30/16
09:03

JPMorgan raises targets for steel stocks on expected higher U.S. steel prices

JPMorgan analyst Michael Gambardella noted that ArcelorMittal (MT) raised its hot-rolled sheet pricing by $40 per ton, to $600 per ton, last night and he continues to think that supply cuts in the U.S. from both capacity curtailments and lower imports should support higher U.S. steel prices. The Trump administration's impact on trade could be "much quicker and more meaningful" than its infrastructure plans, said Gambardella, who raised his price targets on several stocks in the U.S. steel industry. He increased his target on AK Steel (AKS) to $11 from $8.50, on Nucor (NUE) to $70 from $59, on Steel Dynamics (STLD) to $41 from $31, on U.S. Steel (X) to $37 from $29 and on Cliffs Natural (CLF) to $10 from $7, while keeping Overweight ratings on all five stocks.

X

U.S. Steel

$31.16

-1.01 (-3.14%)

AKS

AK Steel

$8.94

-0.16 (-1.76%)

STLD

Steel Dynamics

$35.23

-0.25 (-0.70%)

NUE

Nucor

$61.63

-0.34 (-0.55%)

CLF

Cliffs Natural

$8.75

-0.97 (-9.98%)

MT

ArcelorMittal

$7.47

-0.09 (-1.19%)

X U.S. Steel
$31.16

-1.01 (-3.14%)

11/29/16
11/29/16
DOWNGRADE

On The Fly: Top five analyst downgrades
On The Fly: Top five analyst downgrades: 1. Wendy's (WEN) downgraded to Neutral from Buy at Goldman with analyst Karen Holthouse citing valuation with the stock up 23% over the past month. 2. SAIC (SAIC) downgraded to Neutral from Buy at Citi with analyst Jonathan Raviv citing the recent rally in the shares and some overhang from the pending contract transition. 3. BioMarin (BMRN), Johnson & Johnson (JNJ), and Vertex (VRTX) were downgraded to Equal Weight from Overweight at Barclays. 4. Nivalis Therapeutics (NVLS) downgraded to Market Perform Raymond James, to Hold from Buy at Stifel, to Market Perform from Outperform at Cowen, and to Neutral from Outperform at Baird. 5. U.S. Steel (X) downgraded to Hold from Buy at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/21/16
11/21/16
DOWNGRADE

Neutral
Follow-up: U.S. Steel downgraded on valuation, slowing auto growth at Rosenblatt
As previously reported, Rosenblatt downgraded U.S. Steel to Neutral from Buy. Analyst Chris Olin said shares appear fairly valued given recent share strength and reduced demand visibility and decelerating automotive growth.
11/21/16
RSBL
11/21/16
DOWNGRADE
RSBL
Neutral
U.S. Steel downgraded to Neutral from Buy at Rosenblatt
11/29/16
ARGS
11/29/16
DOWNGRADE
ARGS
Hold
U.S. Steel downgraded to Hold from Buy at Argus
AKS AK Steel
$8.94

-0.16 (-1.76%)

11/14/16
11/14/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Lockheed Martin (LMT) upgraded to Buy from Hold at Stifel with analyst Joseph DeNardi saying he is pleased with the company's comments regarding its 2018 free cash flow outlook, and he thinks that it could benefit from increased defense spending in the wake of the election results. 2. Philip Morris (PM) upgraded to Buy from Outperform at CLSA with analyst Michael Levy citing the recent pullback for his rating change and said he sees the company adding to its buyback. 3. Citi (C) upgraded to Overweight from Equal Weight at Morgan Stanley with analysts led by Betsy Graseck saying the Republican sweep is positive for all financial stocks due to increased growth, higher rates, lower taxes, and less regulation. 4. U.S. Steel (X) and AK Steel (AKS) upgraded to Overweight from Equal Weight at Morgan Stanley. 5. L Brands (LB), Kohl's (KSS), and Chico's(CHS) were upgraded to Buy from Neutral at Citi, while Chico's was also upgraded to Outperform from Peer Perform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/16
MSCO
11/14/16
UPGRADE
Target $11
MSCO
Overweight
AK Steel upgraded on upside to infrastructure cycle at Morgan Stanley
Morgan Stanley analyst Evan Kurtz upgraded AK Steel to Overweight from Equal Weight and raised its price target to $11 from $5. The analyst believes the Trump victory has led to the first "credible long-term investment case" for steel equities for the first time in a decade and expects Trump's proposals for infrastructure spending and trade protection to add to demand and curb import supply. Kurtz expects AK Steel to benefit from increased flat-rolled steel demand, ongoing cost savings, and leverage to an infrastructure upcycle.
11/29/16
MACQ
11/29/16
DOWNGRADE
Target $9
MACQ
Neutral
AK Steel downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Aldo Mazzaferro downgraded AK Steel to Neutral and raised its price target to $9 from $6.80 saying valuation more than discounts what he is expecting for earnings.
11/14/16
MSCO
11/14/16
UPGRADE
MSCO
Overweight
AK Steel upgraded to Overweight from Equal Weight at Morgan Stanley
STLD Steel Dynamics
$35.23

-0.25 (-0.70%)

11/29/16
MACQ
11/29/16
DOWNGRADE
Target $35
MACQ
Neutral
Steel Dynamics downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Aldo Mazzaferro downgraded Steel Dynamics to Neutral and raised its price target to $35 from $33 due to valuation.
10/26/16
10/26/16
UPGRADE
Target $30

Buy
Steel Dynamics upgraded to Buy on spot sheet leverage at BofA/Merrill
As previously reported, BofA/Merrill upgraded Steel Dynamics (STLD) to Buy from Neutral and raised its price target to $30 from $28. Analyst Timna Tanners' checks indicate US scrap steel prices are likely to rise $30-$40/ton in November due to increased global demand and higher metallurgical coal prices, which could be a catalyst for higher domestic steel prices. The analyst said Steel Dynamics is more exposure to sheet price hikes than peers and expects its strong cash flows and diversified mix to drive its valuation multiple toward Nucor's (NUE).
11/14/16
RSBL
11/14/16
DOWNGRADE
RSBL
Neutral
Steel Dynamics downgraded to Neutral from Buy at Rosenblatt
Rosenblatt analyst Chris Olin downgraded Steel Dynamics to Neutral saying shares have surpassed his $32 price target and valuation reflects near-term strength and early 2017 upside.
11/14/16
BREN
11/14/16
DOWNGRADE
Target $36.5
BREN
Hold
Steel Dynamics downgraded to Hold from Buy at Berenberg
Berenberg analyst Alessandro Abate downgraded Steel Dynamics to Hold with an increased price target of $36.50.
NUE Nucor
$61.63

-0.34 (-0.55%)

11/14/16
BREN
11/14/16
DOWNGRADE
Target $61
BREN
Hold
Nucor downgraded to Hold from Buy at Berenberg
Berenberg analyst Alessandro Abate downgraded Nucor to Hold with an increased price target of $61.
11/09/16
11/09/16
UPGRADE
Target $57

Buy
Nucor upgraded to Buy following Trump victory at BofA/Merrill
As previously reported, BofA/Merrill upgraded Nucor to Buy from Neutral and raised its price target to $57 from $50. The firm's conviction for stronger 2017 steel prices has been growing and the Trump victory has increased its positive view on U.S. steel stocks.
11/29/16
MACQ
11/29/16
DOWNGRADE
Target $53
MACQ
Underperform
Nucor downgraded to Underperform from Neutral at Macquarie
Macquarie analyst Aldo Mazzaferro downgraded Nucor to Underperform and raised its price target to $53 from $50 due to valuation.
11/09/16
BOFA
11/09/16
UPGRADE
BOFA
Buy
Nucor upgraded to Buy from Neutral at BofA/Merrill
CLF Cliffs Natural
$8.75

-0.97 (-9.98%)

11/14/16
MSCO
11/14/16
UPGRADE
Target $9
MSCO
Equal Weight
Cliffs Natural upgraded to Equal Weight from Underweight at Morgan Stanley
Morgan Stanley analyst Evan Kurtz upgraded Cliffs Natural to Equal Weight and raised its price target to $9 from $3. The analyst believes the Trump victory has led to the first "credible long-term investment case" for steel equities for the first time in a decade and expects Trump's proposals for infrastructure spending and trade protection to add to demand and curb import supply. Kurtz said Cliffs is leveraged to HRC steel prices ad will benefit from higher blast furnace operating rates.
10/07/16
FBCO
10/07/16
INITIATION
Target $2
FBCO
Underperform
Cliffs Natural reinstated with an Underperform at Credit Suisse
Credit Suisse analyst Curt Woodworth reinstated Cliffs Natural with an Underperform and a $2 price target primarily due to a bearish view on iron ore.
07/18/16
CLKS
07/18/16
UPGRADE
CLKS
Neutral
Cliffs Natural upgraded to Neutral from Sell at Clarksons Platou
07/12/16
JPMS
07/12/16
NO CHANGE
Target $10.5
JPMS
Overweight
Cliffs Natural price target raised to $10.50 from $7 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Cliffs Natural Resources to $10.50 and keeps an Overweight rating on the name. The recent bankruptcy of Essar Steel Minnesota has further solidified Cliffs' "defensible business model," Gambardella tells investors in a research note. The short interest in the name, at 43% of outstanding float, is "extremely high despite the wave of positive developments," the analyst contends. He sees a likely positive catalyst from near-term earnings beats amid higher steel pricing.
MT ArcelorMittal
$7.47

-0.09 (-1.19%)

11/25/16
RBCM
11/25/16
UPGRADE
RBCM
Outperform
ArcelorMittal upgraded to Outperform from Sector Perform at RBC Capital
RBC Capital analyst Ioannis Masvoulas upgraded ArcelorMittal to Outperform with a price target of EUR 8.20.
11/08/16
11/08/16
DOWNGRADE

Neutral
Follow-up: ArcelorMittal downgraded to Neutral at BofA/Merrill
As previously reported, BofA/Merrill downgraded ArcelorMittal to Neutral from Buy. Analyst Jason Fairclough said Q3 shipments were weaker than the seasonal norm and management guided for comparably low Q4 shipments. He said steel prices are going up but will not fully offset input price pressures and believes Q3 was likely a peak in earnings.
11/08/16
BOFA
11/08/16
DOWNGRADE
BOFA
Neutral
ArcelorMittal downgraded to Neutral from Buy at BofA/Merrill
10/13/16
GSCO
10/13/16
DOWNGRADE
GSCO
Neutral
ArcelorMittal downgraded to Neutral from Buy at Goldman (pre-open)
Pre-open, Goldman analyst Eugene King downgraded ArcelorMittal to Neutral citing year-to-date outperformance.

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$111.96

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INCY

Incyte

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GPRO

GoPro

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KPTI

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CELG

Celgene

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CELG

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ALNY

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ALXN

Alexion

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Novartis

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AbbVie

$59.43

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CELG

Celgene

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ARQL

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DIS

Disney

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CMCSA

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