US Steel Falls 6% After Credit Suisse Downgrade
United States Steel Corporation (NYSE: X) shares are trading lower by $2.10 (5.7 percent) at $33.10 in Thursday's session.
The catalyst for the decline is a downgrade by Credit Suisse, who lowered their rating on the issue from Outperform to Neutral, but raised their price target from $24 to $30. Not much of a help to investors as the issue is already $3 above its target price.
After a lower open, it managed a brief bounce to $34.30 before continuing its move lower. So far, the ensuing decline has reached $32.83 and the issue rebounded back into the $33.00 handle. That low coincides with its December 30 low of $32.93.
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