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Fly News Breaks for November 9, 2015
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Nov 9, 2015 | 07:27 EDT
As previously reported, Morgan Stanley downgraded U.S. Steel to Equal Weight from Overweight. Analyst Evan Kurtz said U.S. Steel reported weak Q3 results last week and cut 2015 EBITDA guidance to $225M versus his estimate of $370M. Kurtz now has a negative skew on its base case for U.S. Steel and his new 2016 EBITDA estimate falls to $410M, below consensus of $737M. Given the deteriorating outlook, Kurtz lowered his price target on shares to $19 from $30.
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