Toekomstbeeld schreef op 23 september 2017 09:41:
De eerste adviesverlaging voor AM. Van 32 USD naar 27 USD.
Maar eventjes goed opletten wat Cowen te zeggen heeft over China en de verwachte gevolgen voor staalprijzen.
U.S. Steel, ArcelorMittal cut at Cowen
as global steel, iron ore price seen lowerSep. 22, 2017 8:20 AM ET|About: ArcelorMittal (MT)|By: Carl Surran, SA News Editor
U.S. Steel (NYSE:X) -3.5% premarket after Cowen downgrades shares to Underperform from Market Perform with a $20 price target, cut from $24, as the firm sees prices for iron ore and U.S. hot rolled coil poised to move lower.
U.S. Steel is heavily exposed to HRC spot market movements in addition to being vertically integrated, and is unable to benefit from a move lower in iron ore prices, Cowen says.
Cowen thinks seasonal production cuts and shrinking credit availability in China could pour cold water on steel pricing; 2017 has been the largest stimulus year for China since 2013, yet several economic indicators are well below 2013, the firm says.Cowen also cuts ArcelorMittal (NYSE:MT) to Market Perform from Outperform with a $27 price target, trimmed from $32, saying the majority of the company's business segments are heavily leveraged to iron ore prices.
seekingalpha.com/news/3297081-u-s-ste...