U.S. Steel Corp shares dipped on Monday, after analysts at J.P. Morgan lowered their rating on the stock.
J.P. Morgan analyst Michael Gambardella cut his rating on the steelmaker’s shares to 'neutral' from 'overweight', after U.S. Steel Corp indicated that it would likely report an adjusted third quarter loss of -35 cents per share. The steel company has also been hit hard by falling steel prices and scrap prices, leading it to continue idling two of its main U.S. blast furnaces.
Several other analysts lowered their outlook as well. Macquarie cut US Steel from an “outperform” rating to an “underperform” rating, and slashed their price objective for the company from $18.00 to $9.00 in a research report on Thursday. Credit Suisse Group cut their price objective on United States Steel from $9.00 to $8.00 and gave an “underperform” rating for the company’s stock.