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X

U.S. Steel

$30.23

0.025 (0.08%)

, AKS

AK Steel

$4.20

-0.06 (-1.41%)

13:05
08/14/18
08/14
13:05
08/14/18
13:05

Canada near to imposing broad steel tariffs, Dow Jones says

Canadian officials are looking to levy "broad quotas or tariffs on seven steel products in a bid to protect domestic producers from a flood of cheap imports," said Dow Jones. According to the report, the Canadian finance minister said the government would be holding consultations before deciding on the trade measures, "which would apply to all of Canada's trading partners." Companies that may be impacted include U.S. Steel (X) , AK Steel (AKS), Nucor (NUE), and Steel Dynamics (STLD).

X

U.S. Steel

$30.23

0.025 (0.08%)

AKS

AK Steel

$4.20

-0.06 (-1.41%)

NUE

Nucor

$63.53

0.4 (0.63%)

STLD

Steel Dynamics

$43.57

-0.1 (-0.23%)

  • 11

    Sep

X U.S. Steel
$30.23

0.025 (0.08%)

04/30/18
JPMS
04/30/18
NO CHANGE
Target $67
JPMS
Overweight
U.S. Steel shares oversold at current levels, says JPMorgan
JPMorgan analyst Michael Gambardella calls U.S. Steel "another oversold buying opportunity." The analyst thinks investors should focus on the company's "strong earnings power" in the second half of 2018 implied by its EBITDA guidance. Market conditions will continue to remain supportive for steel prices in the second half and 2019 with the President's actions on Section 232 and trade related matters, Gambardella tells investors in a research note. He lowered his price target for the shares to $67 from $69 and reiterates an Overweight rating on U.S. Steel.
04/30/18
SBSH
04/30/18
NO CHANGE
Target $42
SBSH
Buy
U.S. Steel selloff Friday a 'significant overreaction,' says Citi
Citi analyst Alexander Hacking says the 14% selloff in shares of U.S. Steel on Friday seems like a "significant overreaction" to the "poor" Q2 guidance. The analyst expects a "significant uplift in profits" in the second half of 2018 as current pricing flows through. His bull thesis on the shares is unchanged but he lowered his price target for Buy-rated U.S. Steel to $42 from $46.
04/30/18
LBOW
04/30/18
NO CHANGE
Target $49
LBOW
Buy
U.S. Steel price target lowered to $49 from $63 at Longbow
Longbow analyst Chris Olin lowered his price target on U.S. Steel to $49 from $63 due to using a more conservative multiple, though he noted that management expects much higher price realizations in the second half and he sees it being set up well for a strong performance in the back half of the year. Olin maintains a Buy rating on U.S. Steel shares.
04/30/18
BMOC
04/30/18
NO CHANGE
Target $45
BMOC
Market Perform
U.S. Steel price target lowered to $45 from 50 at BMO Capital
BMO Capital analyst David Gagliano lowered his price target on U.S. Steel to $45, saying that despite the "inexpensive" valuation of the sector amid the persisting high steel prices, the company is faced with execution risk within its 3-year "revitalization program". Gagliano keeps his Market Perform rating on U.S. Steel, adding that steel investors are typically sensitive to volatility and calling for greater visibility and execution to justify a more constructive view.
AKS AK Steel
$4.20

-0.06 (-1.41%)

05/30/18
05/30/18
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. Apple (AAPL) downgraded to Hold from Buy at Maxim with analyst Nehal Chokshi saying he sees high risk that FY19 will be a "down year" given declines in the broader smartphone market. 2. AK Steel (AKS) downgraded to Sell from Neutral at Goldman Sachs with analyst Matthew Korn citing continued underperformance by the company in terms of pricing and margins and also points to its limited visibility around downstream operations. 3. AbbVie (ABBV) downgraded to Underperform from Neutral at Credit Suisse with analyst Vamil Divan saying he is increasingly concerned about the longevity of its flagship product Humira. 4. Petrobras (PBR) downgraded to Hold from Buy at Santander. 5. Hope Bancorp (HOPE) downgraded to Neutral from Buy at DA Davidson with analyst Gary Tenner saying that while the company has posted "solid profitability metrics," its 100% loan/deposit ratio will make it challenging to fund growth without hurting net interest margins. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/09/18
DBAB
07/09/18
DOWNGRADE
Target $5
DBAB
Hold
AK Steel downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded AK Steel to Hold and lowered his price target for the shares to $5 from $6. The analyst believes the steel sector is underappreciated but moderated his positive view on the Steel & Service Center space. He is "not of the view that the cycle will be sustainable" and continues to prefer mini-mills over integrated.
07/09/18
DBAB
07/09/18
DOWNGRADE
Target $12
DBAB
Hold
Ryerson downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded Ryerson to Hold and lowered his price target for the shares to $12 from $13. The analyst believes the steel sector is underappreciated but moderated his positive view on the Steel & Service Center space. He is "not of the view that the cycle will be sustainable" and continues to prefer mini-mills over integrated. Terry this morning also downgraded AK Steel (AKS) to Hold.
05/29/18
GSCO
05/29/18
DOWNGRADE
Target $4
GSCO
Sell
AK Steel downgraded to Sell at Goldman Sachs on disappointing margins, pricing
As reported earlier, Goldman Sachs analyst Matthew Korn downgraded AK Steel to Sell from Neutral and lowered his price target to $4 from $6. The analyst cites continued underperformance by the company in terms of pricing and margins and also points to its limited visibility around downstream operations. Korn adds that AK Steel carries some additional downside valuation potential relative to his other stocks in the steel sector.
NUE Nucor
$63.53

0.4 (0.63%)

07/24/18
KEYB
07/24/18
UPGRADE
KEYB
Overweight
Nucor upgraded to Overweight from Sector Weight at KeyBanc
06/06/18
LBOW
06/06/18
NO CHANGE
Target $90
LBOW
Buy
Nucor expected to have a positive mid-quarter update, says Longbow
Longbow analyst Chris Olin is looking for a positive mid-quarter update from Nucor with positive commentary about nonresidential construction demand, wider mini-mill spreads, steady downstream margins, and investment contributions to push 2H 2018 expectations higher. Olin's expects Q2 earnings of $1.68, in-line with consensus, and sees increasing construction spending driving 2-3 years of additional long product volume growth. The analyst expects consensus estimates to move much higher, reflecting recent transaction volumes for bar, beam, and plate products and visible volume strength across all of the carbon steel mills. Olin rates Nucor a Buy with a $90 price target.
07/24/18
07/24/18
UPGRADE
Target $77

Overweight
Nucor upgraded to Overweight on broadening EPS power at KeyBanc
As previously reported, KeyBanc analyst Philip Gibbs upgraded Nucor to Overweight from Sector Weight, with a $77 price target, given better appreciation of self-help growth initiatives in Fabrication and Raw Materials. Further, the analyst notes that company-specific drivers could add 20% to his EPS power view over time.
05/18/18
SBSH
05/18/18
NO CHANGE
SBSH
Nucor and Steel Dynamics should ramp up capital returns, says Citi
Nucor (NUE) and Steel Dynamics (STLD) should consider re-visiting their aggressive capital return programs from the 2006-2008 peak, Citi analyst Alexander Hacking tells investors in a research note. The company's current cash flows are elevated and expected to remain so for the next three years, the analyst adds. Further, he believes their growth opportunities "are more limited given more inflated asset values." If each company committed to paying out 50% of discretionary operating cash flow over the next three years, Hacking estimates cash returns would total $3.1B or $9.88 per share for Nucor and $1.7B or $7.23 per share for Steel Dynamics without increasing leverage. This would still leave 45% of operating cash flow available for growth capex or acquisitions, more than sufficient to show that Section 232 profits are being reinvested, the analyst contends.
STLD Steel Dynamics
$43.57

-0.1 (-0.23%)

04/18/18
UBSW
04/18/18
INITIATION
Target $47
UBSW
Neutral
Steel Dynamics initiated with a Neutral at UBS
UBS analyst Andreas Bokkenheuser last night initiated Steel Dynamics with a Neutral rating and $47 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.
04/19/18
COWN
04/19/18
NO CHANGE
Target $60
COWN
Outperform
Steel Dynamics remains a top idea, says Cowen
Cowen analyst Novid Rassouli noted Steel Dynamics reported better than expected Q1 results. The analyst cited benefits from meaningful improvements in flat rolled operations, shipments, and the metal spread. Management remained upbeat and expect price momentum and steel consumption to continue throughout 2018, said Rassouli, who reiterates his Outperform rating and $60 price target and said Steel Dynamics remains a top idea.
06/14/18
KEYB
06/14/18
DOWNGRADE
KEYB
Sector Weight
Steel Dynamics downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Philip Gibbs downgraded Steel Dynamics to Sector Weight citing valuation.

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