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X

U.S. Steel

$36.69

0.05 (0.14%)

, CENX

Century Aluminum

$16.78

-0.87 (-4.93%)

15:04
04/23/18
04/23
15:04
04/23/18
15:04

EU asks to join U.S.-China steel dispute at WTO, Reuters says

The European Union has requested to join a dispute brought by China to the World Trade Organization over U.S. import tariffs on steel and aluminum, a little over a week before U.S. president Trump makes his determination on whether such tariffs should apply to Europe. The WTO said that the EU has issued a formal request to join WTO consultations as a party with a major trade interest in the matter, the report says. The EU noted that its interest was significant because if the temporary exemption for the EU ended, then the U.S. measures would affect EU exports, the report says. Publicly traded metal producers include U.S. Steel (X), Century Aluminum (CENX), Alcoa (AA), and AK Steel (AKS). Reference Link

X

U.S. Steel

$36.69

0.05 (0.14%)

CENX

Century Aluminum

$16.78

-0.87 (-4.93%)

AA

Alcoa

$51.66

-8.36 (-13.93%)

AKS

AK Steel

$4.69

-0.06 (-1.26%)

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X U.S. Steel
$36.69

0.05 (0.14%)

04/17/18
UBSW
04/17/18
INITIATION
UBSW
Sell
U.S. Steel initiated with a Sell at UBS
04/18/18
UBSW
04/18/18
INITIATION
Target $30
UBSW
Sell
U.S. Steel initiated with a Sell at UBS
UBS analyst Andreas Bokkenheuser last night initiated U.S. Steel with a Sell rating and $30 price target. The analyst is cautious on the U.S. Steel sector as he believes demand is in structural decline, falling 1% per year over the past 20 years. The recent price rally was supply, not demand driven, Bokkenheuser tells investors in a research note. He believes that leading indicators now point to a mid-year price and volume reversal.
04/03/18
SBSH
04/03/18
DOWNGRADE
Target $22
SBSH
Neutral
Commercial Metals downgraded to Neutral from Buy at Citi
Citi analyst Alexander Hacking downgraded Commercial Metals (CMC) to Hold and lowered his price target for the shares to $22 from $29. Multiple new rebar projects announced in recent months will offset the benefit of lower imports, Hacking tells investors in a research note. The analyst coupled the downgrade with an upgrade of U.S. Steel (X) to Buy.
04/03/18
04/03/18
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. U.S. Steel (X) upgraded to Buy from Neutral at Citi with analyst Alexander Hacking saying he sees "good value" at 10% free cash flow yield in 2018-2019 and "considerably higher" in 2020 and beyond. 2. Schlumberger (SLB) upgraded to Buy from Hold at SunTrust with analyst Ken Sill saying that the company is typically "one of the best stocks to own in down markets" to maintain exposure to oil field services based on its diversification in product and geography. 3. Baker Hughes (BHGE) upgraded to Overweight from Neutral at Piper Jaffray with analyst Bill Herbert citing relative valuation, balance sheet strength and the company's capital light business model for the upgrade. 4. Robert Half (RHI) upgraded to Overweight from Equal Weight at Barclays with analyst Manav Patnaik saying he views the company's positioning in the U.S. as strong and he favors the shares to Manpower (MAN), which he downgraded this morning to Underweight. 5. Cognex (CGNX) upgraded to Neutral from Underweight at JPMorgan with analyst Paul Coster saying he believes the current valuation is justified by growth expectations for fiscal 2018 and recommends those short take profits following the recent pullback. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CENX Century Aluminum
$16.78

-0.87 (-4.93%)

03/13/18
COWN
03/13/18
UPGRADE
Target $30
COWN
Outperform
Century Aluminum upgraded to Outperform at Cowen
As previously reported, Cowen analyst Novid Rassouli upgraded Century Aluminum to Outperform from Market Perform. The analyst's upgrade is primarily due to the Trump tariff, which is allowing the company to restart significant production capacity. Rassouli raised his price target to $30 from $23 on Century Aluminum shares.
04/09/18
MSCO
04/09/18
NO CHANGE
MSCO
Sanctions on Russia, tariffs on China to benefit Alcoa, says Morgan Stanley
U.S. Midwest aluminum premiums climbed to $0.21/lb on Friday, noted Morgan Stanley analyst Piyush Sood, who attributed the move to possible Section 301 tariffs on China and the announcement of sanctions against Russian aluminum producer Rusal. The U.S. aluminum market may tighten quickly, putting upward pressure on U.S. Midwest premiums, according to Sood, who sees Alcoa (AA) being the biggest beneficiary among the aluminum names he covers. Constellium (CSTM) and Kaiser Aluminum (KALU) may face some near-term headwinds as they may struggle to pass through higher aluminum costs, added the analyst.
04/04/18
COWN
04/04/18
NO CHANGE
Target $25
COWN
Outperform
Century Aluminum price target lowered to $25 from $30 at Cowen
Cowen analyst Novid Rassouli lowered his price target on Century Aluminum to $25 from $30 following meetings with management and after adjusting his FY19 EPS and EBITDA estimates. He came away incrementally more positive that Section 232 will result in economics that are supportive of the Hawesville restarts and remains a buyer of the shares as he expects earnings upside driven by higher volumes. Rassouli maintained his Outperform rating on Century Aluminum shares.
03/14/18
JPMS
03/14/18
UPGRADE
Target $29
JPMS
Overweight
Century Aluminum upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Century Aluminum to Overweight and raised his price target for the shares to $29 from $18 citing the price impact of a 10% tariff from President Trump's Section 232 decision on aluminum imports. Century Aluminum should benefit "significantly" from a higher all-in aluminum price and the company's greater earnings base from Hawesville, leading to higher earnings and cash flow, Gambardella tells investors in a research note.
AA Alcoa
$51.66

-8.36 (-13.93%)

04/19/18
FBCO
04/19/18
NO CHANGE
Target $71
FBCO
Outperform
Alcoa price target raised to $71 from $61 at Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target for Alcoa to $71 form $61 as he believes its solid reduction in legacy liabilities and increased option value on idle capacity warrant multiple expansion. The analyst reiterates an Outperform rating on the shares.
04/19/18
BMOC
04/19/18
NO CHANGE
Target $80
BMOC
Outperform
Alcoa price target raised to $80 from $63 at BMO Capital
BMO Capital analyst David Gagliano raised his price target on Alcoa to $80 after the company's Q1 earnings beat and a raise in its FY18 EBITDA target, saying his forecast for aluminum prices appears to be "increasingly conservative" given the "increasingly tight underlying market". Gagliano maintains his view of "compelling" risk/reward on Alcoa and sees $100 stock price as "fundamentally justifiable" due to the ongoing price spikes and potentially long-term aluminum deficit as a result of China's supply-side reforms. The analyst keeps his Outperform rating on Alcoa.
04/20/18
ARGS
04/20/18
NO CHANGE
Target $69
ARGS
Buy
Alcoa price target raised to $69 from $59 at Argus
Argus analyst John Eade raised his price target on Alcoa to $69 and kept his Buy rating after the company's latest earnings beat. Eade says that despite the 15% run-up in the stock price over the past quarter - in part impacted by President Trump's new tariffs on imported steel and aluminum - shares still offer value, as the company benefits from its pricing power in a tighter aluminum market amid reduced overall industry production. The analyst adds that the implied price to cash flow multiple from his new price target is still close to the peer group average.
04/23/18
DBAB
04/23/18
NO CHANGE
Target $70
DBAB
Buy
Alcoa price target raised to $70 from $60 at Deutsche Bank
Deutsche Bank analyst Chris Terry raised his price target for Alcoa to $70 to better reflect the company's spot commodity exposure. Alcoa is one of the few aluminum companies that is able to benefit when all commodities in the supply chain increase, as it does not have to source bauxite to produce alumina nor source alumina to produce aluminum on a net basis like some peers, Terry tells investors in a research note. The analyst raised his price target and keeps a Buy rating on the shares after looking at Alcoa's strategic positioning.
AKS AK Steel
$4.69

-0.06 (-1.26%)

03/29/18
DBAB
03/29/18
NO CHANGE
Target $50
DBAB
Buy
Correction in Steel stocks seems overdone, says Deutsche Bank
Deutsche Bank analyst Chris Terry believes the current fundamentals of Steel companies are not priced into the shares at current levels. He sees further earnings upgrades as companies report Q1 results and provide updated guidance. Terry thinks the correction in the shares appears overdone and keeps Buy ratings on Commercial Metals (CMC), US Steel (X), Reliance Steel (RS), AK Steel (AKS) and Ryerson (RYI). The analyst raised his price target for US Steel to $50 from $44.
03/20/18
GSCO
03/20/18
INITIATION
Target $6
GSCO
Neutral
AK Steel initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started AK Steel with a Neutral rating and $6 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
04/17/18
UBSW
04/17/18
INITIATION
UBSW
Sell
AK Steel initiated with a Sell at UBS
04/18/18
UBSW
04/18/18
INITIATION
Target $3.25
UBSW
Sell
AK Steel initiated with a Sell at UBS
UBS analyst Andreas Bokkenheuser last night initiated AK Steel with a Sell rating and $3.25 price target. The analyst is cautious on the U.S. Steel sector as he believes demand is in structural decline, falling 1% per year over the past 20 years. The recent price rally was supply, not demand driven, Bokkenheuser tells investors in a research note. He believes that leading indicators now point to a mid-year price and volume reversal.

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