Argus Downgrades US Steel (X) to Hold on Valuation after 60% Post-Election Surge
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Argus downgraded US Steel (NYSE: X) from Buy to Hold with shares up nearly 60% since the election, surpassing their former target price of $32.
"The shares now appear overbought, with signs that price momentum is slowing, if not stopping," the analyst said.
It was added, "Although U.S. Steel should benefit over time from the Trump administration’s plans to increase infrastructure spending, we do not expect to see a significant impact on earnings until at least mid-2017."
The firm would look for a nonfundamental pullback to the $25 range to move back to Buy.
Shares of US Steel closed at $32.17 yesterday.
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