UPDATE: Jefferies Lowers PT on United States Steel Corporation on Reduced 2013 Steel Estimates
In a report published Tuesday, Jefferies analyst Luke Folta reiterated a Hold rating on United States Steel Corporation (NYSE: X), but lowered the price target from $24.00 to $18.00.
In the report, Folta noted, “We have reduced EPS estimates for the majority of our steel coverage based on underwhelming pricing/demand trends that suggest 2Q13 results will not differ materially from 4Q12-1Q13. Most defensive with the highest est. cycle earnings growth prospects among peers, we reiterate NUE as our top steel pick and expect continued underperformance for high beta/risk names within the group (AKS, X).”
United States Steel Corporation closed on Monday at $16.63.
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