UPDATE: Citigroup Lowers PT on US Steel to $30
Citigroup maintained a Buy rating on United States Steel (NYSE: X) and lowered its price target from $35 to $30.
Citigroup commented, “We estimate 2Q EPS of $0.37 on revenues of $4,978 mln and EBITDA of $271 mln. Consensus EPS is $0.47. Adjusting our longer-term model for revised steel forecasts, we are reducing our '12 estimate to $1.25, '13 to $2.00 and '14 to $2.45. Based on our lower earnings outlook we reduce our target price to $30/sh from $35/sh.”
United States Steel closed at $20.24 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.