U.S. Steel price target lowered to $45 from $55 at BMO Capital

BMO Capital lowered the firm’s price target on U.S. Steel to $45 from $55 and keeps a Market Perform rating on the shares. The company’s Q1 EBITDA guide of about $425M was in line with its original guidance of $400M-$450M but falls below the firm’s estimate of $488M, the analyst tells investors in a research note. BMO further notes that no specific outlook commentary was given other than U.S. Steel indicating that strategic projects continue to progress on time, and no new update regarding the transaction with Nippon was provided, though the amplified political pressure is increasing the completion risk.