Goldman Sachs Upgrades US Steel (X) to Buy, Sees 24% Upside

Goldman Sachs upgraded US Steel (NYSE: X) from Neutral to Buy and raised their 6-month price target from $61 to $75, suggesting 24% upside.

The firm favors the company's leverage to rising steel prices and demand. "Its vertical integration into iron ore and attractive priced coking coal contract for 2011 in the US, combined with higher realized prices beyond 1Q should be strong earnings drivers for 3Q and 3Q," the firm said.

2011/12/13 EPS estimates raised to $3.50/$6.00/$6.25 from $2.50/$5.00/$5.50 on lower coking coal cost and higher utilization rates in the US

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 $60.35 yesterday.

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