UPDATE: Wolfe Research Downgrades US Steel (X) to Underperform

Wolfe Research analyst Timna Tanners downgraded US Steel (NYSE: X) from Peerperform to Underperform with a price target of $24.00 (from $25.00).

The analyst comments "We downgrade sheet-focused steel mill U.S. Steel to Underperform from Peer Perform and cut our price target to $24 from $25 based on an unchanged 5.5x 2023 EV/EBITDA discounted back one year. Our 2022E EPS falls to $12.75 from $14.30, and EBITDA to $4.7B from $5.1B due to lighter expected shipments of sheet steel and the oncoming capacity surplus in a falling price market. We factor in $1.2B of share buybacks through 2022, totaling 44M shares or ~16% of its float."

For an analyst ratings summary and ratings history on US Steel click here. For more ratings news on US Steel click here.

Shares of US Steel closed at $24.69 yesterday.

You May Also Be Interested In

• Nokia OYJ (NOKIA:FH) (NOK) PT Raised to EUR18 at JPMorgan
• Marvell (MRVL) PT Raised to $345 at B.Riley, bullish on new CEO
• McGraw Hill (MH) PT Lowered to $14 at UBS on Softer 2027 Outlook