Jefferies Upgrades US Steel (X) to Hold

August 5, 2016 7:05 AM EDT
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Price: $32.80 -1.74%

Rating Summary:
    7 Buy, 17 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Jefferies upgraded US Steel (NYSE: X) from to Hold with a price target of $24.50.

Analyst Seth Rosenfeld commented, " While we remain concerned that X may de-rate on peak earnings as spot steel prices normalise in the coming year, the company deserves credit for recent cost performance, and X's earnings trajectory may see more sustained upside as longer-term contracts reset into 2017. Reflecting X's reduced balance sheet risk following debt refinancing and a potential bottoming of loss trajectory in Tubular, we value X at its mid-cycle 5.0x EV/EBITDA, implying $24.50 fair value."

For an analyst ratings summary and ratings history on US Steel click here. For more ratings news on US Steel click here.

Shares of US Steel closed at $25.99 yesterday.

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