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U.S. Steel cut to Sell at Citigroup on flat rolled pricing risk

Published 07/28/2017, 08:09 AM
Updated 07/28/2017, 08:09 AM
© Reuters.  U.S. Steel cut to Sell at Citigroup on flat rolled pricing risk
  • U.S. Steel (NYSE:X) -3.2% premarket after Citigroup (NYSE:C) downgrades shares to Sell from Neutral with a $20 price target, cut from $26, citing downside risk to U.S. flat rolled prices for the remainder of 2017.
  • Analysts are turning cautious on the stock following Wednesday's post-earnings run-up; Longbow Research yesterday downgraded shares citing valuation, uncertain pricing and Pres. Trump's recent comments about a delay in implementing tariffs.
  • Commerce Secretary Ross reportedly told Congress yesterday that Trump’s pledge to quickly provide import protection to U.S. steelmakers is bogged down in “complexity,” with no clear deadline for completion.
  • Also on watch: AKS, NUE, STLD, CLF, CMC, MT, RS, WOR, SLX
  • Now read: Copper Fails At .70 Per Pound, For Now


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