KeyBanc Cuts Estimates and Price Target on US Steel (X) Following Q1 Results
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Price: $54.84 --0%
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 18
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 18
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KeyBanc is maintaining its Buy rating on shares of US Steel (NYSE: X), but is slashing its price target from $73 to $66 following its Q1 results.
The firm believes that shares of X offer investors a potential large upside with Q2 and Q3 looking to be strong. It applies more to a riskier investor as things could also possibly get worse for the company. KeyBanc is lowering its FY11 and FY12 EPS estimates from $3.65 and $7.50 to $1.60 and $4.55.
KeyBanc comments that, "We are able to maintain our positive bias on the stock as the Company's near-term under-performance and lagging momentum in its U.S. Flat-Rolled business looks poised for meaningful upside in the 2Q-3Q time frame as contract business has been meaningfully re-priced via lag effects for previous 90-day spot pricing; and the Company begins to realize increased overhead absorption with higher seasonal production."
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 $49.72 yesterday.
The firm believes that shares of X offer investors a potential large upside with Q2 and Q3 looking to be strong. It applies more to a riskier investor as things could also possibly get worse for the company. KeyBanc is lowering its FY11 and FY12 EPS estimates from $3.65 and $7.50 to $1.60 and $4.55.
KeyBanc comments that, "We are able to maintain our positive bias on the stock as the Company's near-term under-performance and lagging momentum in its U.S. Flat-Rolled business looks poised for meaningful upside in the 2Q-3Q time frame as contract business has been meaningfully re-priced via lag effects for previous 90-day spot pricing; and the Company begins to realize increased overhead absorption with higher seasonal production."
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 $49.72 yesterday.
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