Jefferies Upgrades US Steel (X) to Buy Following Trump Win
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Jefferies upgraded US Steel (NYSE: X) from Hold to Buy with a price target of $26.00 following Trump victory.
Seth Rosenfeld commented, "The US steel industry should stand out as a unique beneficiary of a Trump presidency. Protectionism will significantly rise; the US is already short steel, and falling imports will improve domestic pricing power. In addition, increased infrastructure spend may significantly boost demand for long steel products. Steel price momentum has recently emerged and should extend further into 2017."
"We upgrade X to Buy as steel price momentum builds moving into 2017, utilisation rates benefit from falling imports and O&G demand hits a trough," he added.
Shares of US Steel closed at $20.96 yesterday.
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