JPMorgan reinstated coverage of U.S. Steel with a Neutral rating and $47 price target, down from $52, following a period of restriction. There is now a higher probability Nippon Steel’s $55 per share bid for US Steel will not go through, the analyst tells investors in a research note. The firm says former President Trump noted that if elected he would “block it instantaneously” in addition to reports that the USW, which has adamantly opposed the transaction, has President Biden’s backing.
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