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X

U.S. Steel

$20.74

-0.56 (-2.63%)

15:20
12/10/18
12/10
15:20
12/10/18
15:20

Put spreads in US Steel as shares slip to 52-week lows

Put spreads in US Steel as shares slip to 52-week lows. The stock off 2.2% to $20.84 and 5K Jun 16 - 19 put spreads trade $1.05. Size matches open interest in Jul 19 puts, which saw opening buying of 5K for an average of $1.46 on 11/27 with shares near $23. Those are apparently being covered for $2.25 today and a new position in Jul 16 puts opened at $1.20. If so, the rolling activity monetizes profits on the Jul 19 puts and expresses concerns about further losses in shares with the new position is downside Jul 16 puts - even after UBS upgraded the stock to Neutral today.

X U.S. Steel
$20.74

-0.56 (-2.63%)

11/05/18
BMOC
11/05/18
NO CHANGE
Target $33
BMOC
Market Perform
U.S. Steel price target lowered to $33 from $36 at BMO Capital
BMO Capital analyst David Gagliano lowered his price target on U.S. Steel to $33 and kept his Market Perform rating after its Q3 results, also lowering his Q4 EBITDA forecast to $573M from $634M to reflect the management's revised view. The analyst notes that while the valuation on the stock looks "inexpensive", he anticipates 2019 to be "another year of high capex and high operating variability" along with lower HRC steel prices. Gagliano thus maintains that it is too soon to take a more constructive view of U.S. Steel stock.
11/27/18
LBOW
11/27/18
NO CHANGE
Target $40
LBOW
Buy
U.S. Steel price target lowered to $40 from $49 at Longbow
Longbow analyst Chris Olin lowered his 2019 and 2020 EBITDA forecasts for U.S. Steel (X) to reflect the falling price of crude oil, its possible effects on North American drilling over the next few months, and tubing channel sentiment. However, commenting on General Motors' (GM) plans to close or not to allocate product to 7 plants globally, Olin said he believes the news is fully reflected in the current light vehicle production outlook and he still assumes flat automotive-related steel shipments for the U.S. producers in 2019. Given his reduced estimates, Olin lowered his price target on U.S. Steel shares to $40 from $49 and keeps a Buy rating on the stock.
12/10/18
UBSW
12/10/18
UPGRADE
Target $22
UBSW
Neutral
U.S. Steel upgraded to Neutral from Sell at UBS
UBS analyst Andreas Bokkenheuser upgraded U.S. Steel to Neutral while lowering his price target for the shares to $22 from $28. The analyst remains cautious on the sector, as he expect steel prices to trade down to $660/st from $760/st spot. However, he cites valuation for his upgrade of U.S. Steel to Neutral with the stock down 45% since the Q1 peak. He sees limited downside from here, unless Section 232 steel import tariffs are repealed.
12/10/18
12/10/18
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. Kratos Defense (KTOS) upgraded to Buy from Neutral at Goldman Sachs with analyst Noah Poponak citing the company's "long list of new growth programs," many of which are yet to fully develop, and expects organic revenue to grow nearly 20% in 2019 and 2020 before stabilizing at a sustained double digit rate "through the middle of the next decade." 2. SL Green Realty (SLG) upgraded to Buy from Hold at Deutsche Bank with analyst Derek Johnston sayinh he is increasingly bullish on the New York City leasing environment. 3. Five Below (FIVE) upgraded to Buy from Hold at Loop Capital Loop Capital with analyst Anthony Chukumba saying Five Below is more "economic downturn resistant" than most retailers and has a long square footage growth runway ahead of it. 4. U.S. Steel (X) upgraded to Neutral from Sell at UBS with analyst Andreas Bokkenheuser saying he remains cautious on the sector, as he expect steel prices to trade down to $660/st from $760/st spot. 5. Capital One (COF) upgraded to Outperform from Neutral at Baird with analyst David George saying the valuation is "too compelling to ignore" for this "quality" franchise. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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