- 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.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Morgan Stanley Upgrades This Steel Company - Read Why
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks