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Fly News Breaks for August 27, 2018
STLD, AKS, X
Aug 27, 2018 | 08:30 EDT
As previously reported, Morgan Stanley analyst Piyush Sood double downgraded U.S. Steel (X) to Underweight from Overweight as he notes that steel prices are falling and he believes the recent price peak is "firmly behind" the market. Previously, he had been including higher 2019 prices in his valuation. Sood lowered his price target on U.S. Steel shares to $30 from $44. He prefers AK Steel (AKS), which he upgraded to Overweight from Equal Weight, citing its good free cash flow prospects, though he lowered his price target on AK shares to $5.50 from $6.00. Sood also prefers Steel Dynamics (STLD), which he also upgraded to Overweight from Equal Weight. "Mini-mill" stocks are more defensive than integrated names, said Sood, who called Steel Dynamics his top pick among the mini-mills. U.S. scrap prices have become weaker, which suggests mini-mill margins could settle out higher than he'd previously thought, the analyst added. Sood raised his price target on Steel Dynamics shares to $52 from $50.
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