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X

U.S. Steel

$31.11

1.28 (4.29%)

, AKS

AK Steel

$5.03

0.21 (4.36%)

08:52
12/07/17
12/07
08:52
12/07/17
08:52

After Vietnam win, steel makers could file new complaints, says Morgan Stanley

Morgan Stanley analyst Piyush Sood said the Department of Commerce affirmative preliminary ruling against imports of certain steel products from Vietnam made of Chinese substrate may only affect small volumes, but it "sends a loud message to the steel industry" and could prompt U.S. steel makers to file similar complaints against other countries. He thinks a few self-initiated cases and anti circumvention cases can reduce U.S. steel imports and "clubbed together, could very well resemble a Section 232 ruling," though without an import quota and/or blanket tariffs. Falling imports next year should help boost prices, said Sood, who names U.S. Steel (X), AK Steel (AKS) and ArcelorMittal (MT) as "key beneficiaries," followed by Steel Dynamics (STLD)and Nucor (NUE).

X

U.S. Steel

$31.11

1.28 (4.29%)

AKS

AK Steel

$5.03

0.21 (4.36%)

MT

ArcelorMittal

$30.73

0.49 (1.62%)

STLD

Steel Dynamics

$39.21

0.48 (1.24%)

NUE

Nucor

$57.94

0.3 (0.52%)

X U.S. Steel
$31.11

1.28 (4.29%)

11/01/17
AXIO
11/01/17
NO CHANGE
AXIO
Sell
U.S. Steel boost from accounting change 'flying under the radar,' says Axiom
Axiom analyst Gordon L. Johnson II believes the biggest change to U.S. Steel's Q3 results was not organic, but rather due to the company deciding to value its assets at a higher level, pointing to the company's disclosure that its Q3 results include a favorable impact of $95M related to a change in accounting method for property, plant, and equipment. Excluding this accounting change taken this year, the company's 2017 EBITDA guidance would be $870M, versus the consolidated adjusted EBITDA view of approximately $1.075B that it announced, said Johnson II. The analyst has a Sell rating on U.S. Steel shares.
12/06/17
SBSH
12/06/17
NO CHANGE
SBSH
Citi sees limited near-term impact from Vietnam steel ruling
Department of Commerce found in favor of U.S. steel mills who claimed that certain imports of flat steel from Vietnam were circumventing existing duties on Chinese steel, Citi analyst Alexander Hacking wrote last night in a research note. The analyst, however, believes the ruling will not directly reduce near-term imports. He notes that imports from Vietnam have already fallen significantly. Nonetheless, Hacking calls the ruling a win for the U.S. steel industry as it sets a precedent for potential future cases in defining circumvention, defining material transformation and applying duties retroactively. He expects a "small positive reaction" in steel stocks today, with U.S. Steel (X) rallying the most, followed by AK Steel (AKS), Steel Dynamics (STLD) and Nucor (NUE)
11/02/17
11/02/17
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. Yelp (YELP) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mark Mahaney saying the 5% after-market decline on lower fourth quarter outlook is not warranted since it is driven entirely by the Eat24 sale. 2. Domino's Pizza (DPZ) upgraded to Buy from Hold at Maxim with analyst Stephen Anderson saying that despite the 15% pullback in stock price, the company's fundamental trends remain solid. 3. U.S. Steel (X) upgraded to Market Perform from Underperform at Cowen with analyst Novid Rassouli telling investors the company's revitalization program has improved cost performance and driven stable financial results for two consecutive quarters. 4. FireEye (FEYE) upgraded to Buy from Neutral at Dougherty with analyst Catharine Trebnick saying FireEye reproted solid third quarter results across key financial metrics beating her estimates on sales execution, strong NX appliance refresh/renewals, endpoint sales and Mandiant services. 5. Newpark Resources (NR) upgraded to Buy from Hold at SunTrust with analyst Ken Sill saying the latest quarter did not show a hurricane related boost to mat rentals as the market expected, which should result in subsequent quarters growing from a higher base established in Q3 as well as an accretive acquisition announced this week. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/02/17
COWN
11/02/17
UPGRADE
Target $28
COWN
Market Perform
U.S. Steel upgraded to Market Perform from Underperform at Cowen
Cowen analyst Novid Rassouli upgraded U.S. Steel to Market Perform and increased its price target to $28 from $20 telling investors the company's revitalization program has improved cost performance and driven stable financial results for two consecutive quarters. The analyst also believes the U.S. steel industry outlook will continue to improve and thinks imports will fall in the coming months.
AKS AK Steel
$5.03

0.21 (4.36%)

11/21/17
FBCO
11/21/17
UPGRADE
FBCO
Outperform
AK Steel upgraded to Outperform from Neutral at Credit Suisse
11/21/17
FBCO
11/21/17
UPGRADE
Target $7
FBCO
Outperform
Credit Suisse sees margin expansion at AK Steel, upgrades to Outperform
Credit Suisse analyst Curt Woodworth upgraded AK Steel to Outperform and raised his price target for the shares to $7 from $6. The analyst sees the company achieving "material expansion in margins" in 2018 as contract price increases more than offset recent pressure from raw materials. He believes investors will pay a higher multiple on free cash flow once contract prices reset and AK Steel finalizes financing for Precision Partners. Further, Woodworth also sees a "free option value" on electrical as Section 232 "remains a viable catalyst."
12/07/17
JPMS
12/07/17
UPGRADE
Target $7
JPMS
Overweight
AK Steel upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded AK Steel to Overweight and raised his price target for the shares to $7 from $6. The Department of Commerce's ruling against China redirecting steel to Vietnam will push steel prices higher in the U.S., Gambardella tells investors in a research note. He sees higher steel prices from tougher enforcement of trade laws more than offsetting the near-term cost pressures for AK Steel.
MT ArcelorMittal
$30.73

0.49 (1.62%)

07/12/17
DBAB
07/12/17
UPGRADE
Target $32
DBAB
Buy
Deutsche Bank sees potential double for ArcelorMittal, ups to Buy
Deutsche Bank analyst Bastian Synagowitz upgraded ArcelorMittal to Buy from Hold and raised his price target for the shares to $32 from $25. An attractive valuation and strong free cash flow yield provide a potential double from current share levels, Synagowitz tells investors in a research note. He believes the stock offers three "free options" relating to a potential rebound in iron ore prices, a stronger cycle in western markets and a potential recovery in Brazil.
10/20/17
UBSW
10/20/17
UPGRADE
UBSW
Buy
ArcelorMittal upgraded to Buy from Neutral at UBS
09/22/17
09/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Versartis (VSAR) was downgraded to Hold from Buy at SunTrust, to Underweight from Overweight at Barclays, to Neutral from Overweight at Piper Jaffray, and to Market Perform from Outperform at Cowen. 2. Tiffany (TIF) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying the company's high-end categories, including engagement, wedding and solitaire jewelry, decelerated in the last two quarters. 3. Airbus (EADSY) downgraded to Hold from Buy at Jefferies with analyst Sandy Morris saying the company's EBIT in fiscal 2018 and fiscal 2019 could track significantly below consensus expectations. 4. Alcoa (AA) downgraded to Hold from Buy at Berenberg with analyst Yuriy Vlasov saying Alcoa shares are up 43% over the past six months and recommends taking profits. 5. U.S. Steel (X) was downgraded to Underperform from Market Perform while ArcelorMittal (MT) was downgraded to Market Perform from Outperform at Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/22/17
COWN
09/22/17
DOWNGRADE
Target $27
COWN
Market Perform
ArcelorMittal downgraded to Market Perform from Outperform at Cowen
Cowen analyst Novid Rassouli downgraded ArcelorMittal to Market Perform and cut its price target to $27 from $32 based on expectations iron ore and global steel prices are heading lower. The analyst said ArcelorMittal was helped by steel-side reform in China, which pushed Chinese steel prices to multi-year highs. Rassouli has a bearish near-term view on iron ore prices and is concerned with the company's heavy exposure to iron ore and international steel markets.
STLD Steel Dynamics
$39.21

0.48 (1.24%)

10/20/17
COWN
10/20/17
NO CHANGE
Target $43
COWN
Outperform
Cowen says Steel Dynamics sees U.S. market bottom, positive on near-term prices
Cowen analyst Novid Rassouli noted that Steel Dynamics management expressed their view along with Q3 earnings that the U.S. steel market has bottomed and they are largely positive on the near-term U.S. steel pricing outlook. He keeps an Outperform rating on Steel Dynamics shares and raised his price target on the stock to $43 from $39.
10/20/17
KEYB
10/20/17
UPGRADE
Target $44
KEYB
Overweight
Steel Dynamics upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Philip Gibbs upgraded Steel Dynamics to Overweight with a price target of $44. The shares now trade at a discount to the carbon steel sector despite industry-leading return on invested capital, Gibbs tells investors in a research note. The analyst believes the recovery in U.S. sheet pricing supports a more constructive sector sentiment and he sees company-specific earnings catalysts for Steel Dynamics.
10/19/17
KEYB
10/19/17
UPGRADE
KEYB
Overweight
Steel Dynamics upgraded to Overweight from Sector Weight at KeyBanc
NUE Nucor
$57.94

0.3 (0.52%)

10/02/17
LBOW
10/02/17
DOWNGRADE
LBOW
Neutral
Nucor downgraded to Neutral on survey weakness at Longbow
As previously reported, Longbow downgraded Nucor to Neutral from Buy. Analyst Chris Olin cut Q4 and 2018 estimates across the steel sector following carbon steel channel checks that indicate incremental demand weakness. Olin said order activity slowed considerably since summer and industry contacts recently lowered near-term pricing expectations on HRC despite reduced import availability. The analyst said there is risk of metal spread contraction over the next two quarters and Nucor shares could see selling pressure if management talks down Q4 outlook later this month.
10/02/17
LBOW
10/02/17
DOWNGRADE
LBOW
Neutral
Nucor downgraded to Neutral from Buy at Longbow
09/28/17
FBCO
09/28/17
NO CHANGE
Target $63
FBCO
Outperform
Nucor price target lowered to $63 from $68 at Credit Suisse
Credit Suisse analyst Curt Woodworth lowered his price target for Nucor to $63 from $68 to account for reduced EBITDA estimates on the account of weakness in rebar and plate metal spreads. The analyst reiterates an Outperform rating on the shares.

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