- The stock price of United States Steel Corporation (NYSE: X) has received a price target increase from $4 to $28 as part of a double upgrade. These are the details.
The stock price of United States Steel Corporation (NYSE: X) has received a price target increase from $4 to $28 as part of a double upgrade. And Deutsche Bank analyst Chris Terry upgraded U.S. Steel from “Sell” to a “Buy” rating.
Terry pointed out that the stars are aligned for the integrated steel market. And the hot-rolled coiled steel prices hit a peak following the rally of the second half of last year from $435-$440/st to $960-$990/st.
Deutsche Bank is not the only brokerage to increase the price target on U.S. Steel recently. BMO Capital analyst David Gagliano said that U.S. Steel’s sale of non-core real estate asset Keystone Industrial Port Complex does not have a material impact on the total enterprise value or the outlook for the shares.
Gagliano noted that the asset sale adds to liquidity. But the transaction does add to the company’s liquidity — which totaled $2.9 billion at the end of November. Gagliano is maintaining a “Market Perform” rating on U.S. Steel with a $19 price target.
Disclosure: I have a small X position in my stock portfolio