KeyBanc Upgrades U.S. Steel (X) & Olympic Steel (ZEUS) to Buy
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KeyBanc analyst says, "Emerging industry momentum has triggered a shift in our investment thesis to better capture emergence of pricing and demand recovery in U.S. flat-rolled markets."
"Accordingly, we are raising our rating on U.S. Steel (NYSE: X) to BUY from HOLD and establishing a $47 price target. While we recognize X has more fixed cost operating leverage, we believe the stock will react favorably to global recovery in flat-rolled products and potential stabilization in energy end markets. We are also raising Olympic Steel (NASDAQ: ZEUS) to BUY from HOLD and establishing a $25 price target given its earnings leverage to flat-rolled pricing upside and significant cost reduction momentum."
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