mvliex 1 schreef op 6 oktober 2021 15:12:
11 MINUTES AGO
US Steel Stock Slumps On Goldman Downgrade, Price Correction Risk; Cleveland-Cliffs Gets BoostGoldman Sachs analyst Emily Chieng published a major steel sector note Wednesday that slashed price targets for many major producers, including US Steel, but included a buy rating for Cleveland-Cliffs.
MARTIN BACCARDAX
U.S. Steel Corp. (X) - Get United States Steel Corporation Report shares slumped lower Wednesday after analysts at Goldman Sachs published a sector note that lower price targets on many major producers in advance of a potential steel price correction.
Goldman Sachs analyst Emily Chieng lowered her price target on the U.S. Steel to $21 a share, while cutting the group's rating to "sell" from "neutral', in a major sector update that included price target cuts for Steel Dynamics (STLD) - Get Steel Dynamics, Inc. Report, Nucor (NUE) - Get Nucor Corporation Report and Cleveland-Cliffs CLF, which Chieng upgraded to "buy" from "neutral".
Hot-rolled coil steel (HRC) prices are around 140% north of their historical levels this year, Chieng noted, at around $1,500 per ton, driven by stronger industrial demand and a "lagging supply response".
"We believe the market may be anticipating a correction in the coming months as additional import volumes arrive and new capacity begin operations," Chieng wrote. "That said, we believe there are opportunities to be more tactically positioned among the domestic steel participants, and we update our views to reflect a slightly more defensive positioning among the flat steel producers."
www.thestreet.com/markets/us-steel-st...