Credit Suisse Changes as Steel's Outlook Does -- Market Talk
DOW JONES & COMPANY, INC. 10:21 AM ET 08/25/14
10:21 EDT - Credit Suisse admits defeat on US Steel (X) going from underperform to outperform and doubling its price target to $50 as shares have surged since last month's 2Q report. "Turning X's strategic advantages into earnings is something that the company has historically struggled to do, but we have reason to believe that this may be changing. Implementation is complicated, but success could mean a multibillion-dollar earnings opportunity." That as "stronger demand combined with outages at a number of integrated mills have kept US steel prices far higher than we'd anticipated. At least for now, the import parity pricing model is not working." X rises 2.5% to $38.74, putting the stock at a fresh 3-year high. (kevin.kingsbury@wsj.com; @kevinkingsbury)
(END) Dow Jones Newswires
08-25-141021ET
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