U.S. Steel (X) Sinks As Goldman Screams 'SELL'
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Price: $54.84 --0%
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 3 | New: 3
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 3 | New: 3
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Shares of United States Steel (NYSE: X) are down 9% this morning after Goldman Sachs downgraded the stock from Neutral to Sell and added it to the bank's infamous Conviction Sell List.
Goldman's analyst cited the firm's fixed costs structure and lower steel prices. The firm expects prices for steel pipes used in crude and natural gas wells to slide and also expects iron ore prices to fall.
Goldman lowered its price target on U.S. Steel from $56 to $42.
Shares of United States Steel are down 8.7% today to $38.56. The 52-week range is $36.76-$196. The stock is down over 60% in the last month on fears of a major global slowdown.
Goldman's analyst cited the firm's fixed costs structure and lower steel prices. The firm expects prices for steel pipes used in crude and natural gas wells to slide and also expects iron ore prices to fall.
Goldman lowered its price target on U.S. Steel from $56 to $42.
Shares of United States Steel are down 8.7% today to $38.56. The 52-week range is $36.76-$196. The stock is down over 60% in the last month on fears of a major global slowdown.
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