Analyst Actions: U.S. Steel Up Pre-Market as BMO Lifts to Outperform, $37 Target 01/14 05:57 AM
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08:57 AM EST, 01/14/2014 (MT Newswires) -- Shares of United States Steel Corp. (X:$29.06,00$1.13,004.05%) rose pre-market Tuesday, after BMO Capital Markets upgraded its investment rating on the steel company's stock to outperform from market perform while boosting its price target to $37 from $19.
X was up 1.6% at $28.37 in recent pre-market trading, within a 52-week range of $15.80 to $31.15.
In a note to clients, BMO--which also lowered its estimate on long-term metallurgical coal said U.S. Steel while increasing estimates for near-term steel and steel scrap pricing--said U.S. Steel benefits from higher steel pricing and lower input costs for metallurgical coal. The firm noted X's higher fixed costs and financial leverage makes it "very sensitive to changes in commodity pricing."
Price: 28.37, Change: +0.44, Percent Change: +1.58
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Get more news on:SYMBOLS: X NEWS TYPE: Extended Trading, Pre-Market Movers, Analyst Ratings, Ratings: Upgrades and Downgrades, Ratings: Upgrades SECTORS: Materials, Metals and Mining
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