As previously reported, Argus downgraded U.S. Steel to Hold from Buy. The stock has outperformed over the past 3 months, gaining 33% vs. a decline of 6% for the S&P MidCap400 index, and its valuation is now “reasonable”, the analyst tells investors in a research note. A bidding war is underway for U.S. Steel, and a peak bid could be up another 10%-12%, to the $8.5 billion level, but current investors who have enjoyed 36% year-to-date gains in the shares consider reducing their exposure, not increasing it, the firm added.
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