UPDATE: Morgan Stanley Upgrades United States Steel on Improving Market Conditions, Cost Improvement Initiative

In a report published Wednesday, Morgan Stanley analyst Evan L. Kurtz upgraded the rating on

from Equal-Weight to Overweight, and raised the price target from $32.00 to $35.00. In the report, Morgan Stanley noted, “In light of improving steel market conditions as well as the ongoing ‘Project Carnegie' cost improvement initiative, we are upgrading US Steel to Overweight from Equal-weight and raising our price target to $35/share from $32/share.” United States Steel Corporation closed on Tuesday at $27.62.