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X

U.S. Steel

$40.03

-3.54 (-8.12%)

13:53
03/13/18
03/13
13:53
03/13/18
13:53

U.S. Steel gets routed after analyst sees most upside priced in

Shares of U.S. Steel (X) are getting crushed after Vertical Group analyst Gordon Johnson downgraded shares to Sell from Hold with a $23 price target. The analyst said in a research note that he believes the upside to U.S. HRC prices and steel stocks is largely behind after Trump's tariff decision on March 8. The analyst, who thinks investors are shifting focus to how much of the desired benefits from the 232 ruling could actually pass through to company earnings, also believes the realized upside to earnings could underwhelm. He cut his price target on U.S. Steel shares to $23 from $41. UPDATED GUIDANCE: After the close of trading on Monday, U.S. Steel said it continues to believe Q1 EBITDA will be approximately $250M. Based on the company's assessment of potential market conditions resulting from the Section 232 actions, and increased shipments from Granite City Works, the company currently expects FY18 EBITDA of approximately $1.7B. The aforementioned analyst Gordon Johnson was not impressed with the updated guidance the company gave, adding to his report that "updated 2018 guidance last night without knowing the full scope of the exclusions/exemptions that the President will make in the final 232 tariff ruling." The analyst believes the guidance given by the company "likely represents peak" EBITDA in the " company's mind." PRICE ACTION: Shares of U.S. Steel are down 8.4% to $39.91 in afternoon trading.

X U.S. Steel
$40.03

-3.54 (-8.12%)

03/08/18
FBCO
03/08/18
NO CHANGE
FBCO
Huntington Ingalls, U.S. Steel new number 1 Top Picks at Credit Suisse
Credit Suisse added four new number 1 to its Top Picks list, namely Huntington Ingalls (HII), Restaurant Brands (QSR), RSP Permian (RSPP). U.S. Steel (X) and upgraded eBay (EBAY).
03/09/18
JPMS
03/09/18
UPGRADE
Target $30
JPMS
Overweight
Commercial Metals upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Commercial Metals (CMC) to Overweight and raised his price target for the shares to $30 from $24 to reflect his expectation for higher steel prices. Tariffs from the 232 ruling and consolidation in the rebar market should lead to higher rebar prices, Gambardella tells investors in a research note. The analyst is also "doubling down" on U.S. Steel (X) and boosted his price target for the shares to $69.
03/09/18
COWN
03/09/18
NO CHANGE
COWN
Cowen sees upside for entire steel group with tariff decision
Cowen analyst Novid Rassouli said he sees upside for the entire steel group following the announced decision on tariffs for imported steel and aluminum. He said the entire steel group is trading at a discount to current spot steel prices. The analyst also believes Century Aluminum (CENX) will be the biggest beneficiary on the aluminum side, as he sees it as the best vehicle to capitalize. Publicly traded companies in the steel space include U.S. Steel (X), Steel Dynamics (STLD), AK Steel (AKS), Cleveland-Cliffs (CLF), Nucor (NUE) and ArcelorMittal (MT).
03/13/18
VERF
03/13/18
DOWNGRADE
Target $23
VERF
Sell
U.S. Steel downgraded to Sell from Hold at Vertical Group
Vertical Group analyst Gordon Johnson II downgraded U.S. Steel to Sell from Hold as he believes the upside to U.S. HRC prices and steel stocks is largely behind after Trump's tariff decision on March 8. The analyst, who thinks investors are shifting focus to how much of the desired benefits from the 232 ruling could actually pass through to company earnings, also believes the realized upside to earnings could underwhelm. He cut his price target on U.S. Steel shares to $23 from $41.

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