Jefferies Starts US Steel (X) at Hold

Jefferies initiates coverage on US Steel (NYSE: X) with a Hold and $45 price target.

The firm states, "Though valuations look cheap relative to historical mid-cycle earnings, X's unfavorable cost structure poorly positions it in the expected low utilization expected for carbon flat rolled steel in the coming years. Given this and less favorable competitive dynamics in its Tubular and USSE business relative to last cycle, we expect earnings for X to continue to underperform its peers."

For more ratings news on US Steel click here and for the rating history of US Steel click here.

Shares of US Steel closed at $45.85 yesterday.

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