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Fly News Breaks for April 11, 2019
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Apr 11, 2019 | 07:04 EDT
BofA Merrill Lynch analyst Timna Tanners double downgraded U.S. Steel, to Underperform from Buy, citing worse near-term U.S. market conditions than she anticipated. Her channel checks indicate that recent price hikes have not stuck and that benchmark hot rolled coil prices have retreated to their yearly lows in recent days, Tanners tells investors. Given sharply lower scrap prices are pressuring U.S. steel prices, she sees limited catalysts and cut her price target for U.S. Steel shares to $18 from $31.
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