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UPDATE: Deutsche Bank Reiterates On U.S. Steel On Unsustainable US HRC Prices


In a report published Tuesday, Deutsche Bank analyst David Martin reiterated a Hold rating on U.S. Steel (NYSE: X) and raised the price target from $26.00 to $28.00.

In the report, Deutsche Bank says "The tune at USS has changed and many investors are more favorable on company prospect. Meanwhile, we downgraded USS in Oct with a view that + catalysts & sentiment had likely peaked. In this report, we again recognize that some l-t benefits are to materialize from company initiatives & we are raising ests to reflect our views on steel costs/margins. However, restructuring benefits (direct costs) beyond what we have assumed seems aggressive, add'l benefits will take time and its early to label USS as ‘changed'. Also, we believe these benefits are priced-in (6x '14 adj-EBITDA) and that US HRC prices are not sustainable & that investor interest will wane when steel prices ease. Hold."

U.S. Steel closed on Tuesday at $26.54.

Latest Ratings for X

May 2019DowngradesNeutralSell
Apr 2019DowngradesBuyUnderperform
Apr 2019DowngradesNeutralUnderperform

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Posted-In: David Martin Deutsche BankAnalyst Color Reiteration Analyst Ratings


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