UPDATE: J.P. Morgan Maintains Overweight Rating, Raises PT on U.S. Steel

In a report published earlier today, J.P. Morgan & Co. maintained its Overweight rating for the United States Steel Corporation (NYSE: X) and raised its price target from $51.00 to $53.00.J.P. Morgan went on to say “The company's proven earnings leverage in the current environment, rising steel volumes amidst increasing raw material inflation, is virtually unmatched among peers. We believe declining economic uncertainty and relatively strong iron ore prices will help refocus investor attention on the company's huge potential earnings power, especially after the company divested the unprofitable Serbian assets in early 1Q12. We remain Overweight [on] X because, in our view, current expectations do not ascribe sufficient long-term value to U.S. Steel's upside leverage to an eventual recovery in steel demand. However, we do recognize a sustained move in U.S. Steel's stock price and earnings power requires improvement in the non-residential construction markets.”The United States Steel Corporation closed yesterday at $27.65.