US Steel (X, $20.49) got rating downgrade at...

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published in Blogs

Oct 07, 2021

US Steel (X, $20.49) got rating downgrade at Goldman Sachs

U.S. Steel Corp. shares got a rating downgrade from analysts at Goldman Sachs, amid price target cuts on major steel producers’ shares and an expected market correction of steel prices.

Goldman Sachs analyst Emily Chieng cut her rating on U.S. Steel’s stock to "sell" from "neutral', while also reducing the price target to $21 a share. This was done in correspondence to a sector update that included price target cuts for the shares of Steel Dynamics, Nucor and Cleveland-Cliffs CLF.

Hot-rolled coil steel (HRC) prices are around 140% higher than their historical levels this year, driven by stronger industrial demand and a "lagging supply response," Chieng noted.

"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."

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