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Benzinga
Benzinga
Business
Akanksha Bakshi

Morgan Stanley Upgrades This Steel Company - Read Why

Morgan Stanley United States NYSE Russia Ukraine U.S. Steel
  • Morgan Stanley analyst Carlos De Alba upgraded United States Steel Corp (NYSE:X) to Equal Weight from Underweight and raised the price target to $31 (a downside of 0.9%) from $21.
  • The analyst notes the Ukraine and Russia conflict escalation has driven a sharp increase in steel metallic prices, including scrap and pig iron.
  • He sees higher raw material cost inflation for steel names but thinks U.S. Steel is likely to cope better than peers given its vertical integration into iron ore and less exposure to electric arc furnaces.
  • Also Read: US Steel Shares Have Been On A Roll This Week: What's Going On?
  • Price Action: X shares are trading lower by 0.6% at $31.23 on the last check Monday.
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