Wall Street analysts update their target prices after a company’s quarterly earnings release. After U.S. Steel Corporation’s (X) 3Q16 earnings release, several leading brokerages slashed the company’s target price.
Target price cut
For instance, Credit Suisse, which was among the bullish brokerages on U.S. Steel, cut the company’s target price from $29 to $24 after the company’s 3Q16 earnings release. JPMorgan Chase, which has also been bullish on U.S. Steel for quite some time now, slashed the company’s price target to $29 from $31.
Notably, U.S. Steel saw a flurry of downgrade activity even before its 3Q16 earnings were released. On October 18, JPMorgan Chase cut its one-year price target from $37 to $31. That day, Clarksons Platou Securities cut U.S. Steel’s price target from $18 to $15. Prior to that, Barclays cut U.S. Steel’s price target from $22 to $18 on October 17, while Macquarie cut U.S. Steel’s price target from $20 to $13 on October 13.
Of the 18 analysts surveyed by Bloomberg, five analysts rate U.S. Steel as a “buy” and four rate it as a “sell.” The remaining analysts rate the stock as a “hold.” U.S. Steel has a one-year price target of $20.03, an 11% upside based on its closing price on November 2. AK Steel (AKS) and ArcelorMittal (MT) are trading 16% and 20% below their consensus price targets, respectively, while Nucor (NUE) is trading 8.6% below its consensus price target.
Meanwhile, both bulls and bears (SDS) sense an opportunity in U.S. Steel. To find out more about the company’s bullish and bearish drivers, read Bulls or Bears: Who Makes the Best Case for U.S. Steel? You can also visit our Steel page for more updates on the industry.
Total worldwide enterprise storage revenue was flat in 2Q16 at $8.8 billion. Total capacity shipments rose 12.9% YoY to 34.7 exabytes in 2Q16.
Wall Street analysts update their target prices after a company’s quarterly earnings release. After U.S. Steel Corporation’s (X) 3Q16 earnings release, several leading brokerages slashed the company’s target price. For instance, Credit Suisse, which was among the bullish brokerages on U.S. Steel, cut the company’s target price from $29 to $24 after the company’s 3Q16 […]
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