Wells Fargo Starts US Steel (X) at Market Perform; Risk/Reward Compelling, But Macro Challenging

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Wells Fargo initiates coverage on US Steel (NYSE: X) with a Market Perform. PT range $23-$26.00.

Wells analyst says, "While macro challenges are well understood and shares already price in a downturn, a high cost structure, direct exposure to Europe, and weak balance sheet keep us on the sidelines for now. We could turn more positive on US Steel in a stronger economic backdrop or a more rational input cost environment. Our valuation range of $23-26 is based on 10-11x our 2012 EPS estimate of $2.35."

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 $22.98 yesterday, with a 52 week range of $18.85-$64.03.

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