Jefferies Initiates Coverage On X - United States Steel (NYSE:X)

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Jefferies is initiating coverage on United States Steel (NYSE: X) with a Hold rating and price target set at $45.Says Jefferies, in the report, “Though valuations look cheap relative to historical mid-cycle earnings, X's unfavorable cost structure poorly positions it in the expected low utilization expected for carbon flat rolled steel in the coming years. Given this and less favorable competitive dynamics in its Tubular and USSE business relative to last cycle, we expect earnings for X to continue to underperform its peers.”X closed yesterday at $45.85.

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