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

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October 18, 2011 5:19 PM EDT
Get Alerts X Hot Sheet
Price: $54.84 --0%

Rating Summary:
    9 Buy, 17 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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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.

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