Deutsche Bank Upgrades US Steel (X) to Buy

Deutsche Bank upgraded US Steel (NYSE: X) to Buy with $56 price target, suggesting 33% upside.

The firm said, "...in a nutshell, we now view steel dynamics and investor sentiment as nearly the inverse of early 2011 when we downgraded the sector. Our upgrade is largely based on valuation, but we also believe that steel prices are nearing a 'floor'."

The firm now forecasts that benchmark US HRC prices will average $830/mt in ‘11 ($753/st) and $772/mt in ‘12 ($700/st); increased ~1% vs prior,

Deutsche Bank also upgraded AK Steel (NYSE: AKS) to Buy.

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 $43.31 yesterday.

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