JPMorgan analyst Michael Gambardella upgraded U.S. Steel (X) to Overweight saying fundamentals for domestic integrated steel makers have recently bottomed. Steel prices have likely bottomed and the company's Q2 results should represent a low for the current cycle, Gambardella believes. He raised his price target for shares to $28 from $26. Gambardella also upgraded AK Steel (AKS) this morning citing a similar rationale.
BMO Capital lowered the firm's price target on U.S. Steel to $45 from $55 and keeps a Market Perform rating on the shares. The company's Q1 EBITDA guide of about $425M was in line with its original guidance of $400M-$450M but falls below the firm's estimate of $488M, the analyst tells investors in a research note. BMO further notes that no specific outlook commentary was given other than U.S. Steel indicating that strategic projects continue to progress on time, and no new update regarding the transaction with Nippon was provided, though the amplified political pressure is increasing the completion risk.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
Check out this morning's top movers from around Wall Street, compiled by The Fly. HIGHER - Alphabet (GOOG)... To see the rest of the story go to thefly.com. See Story Here