GLJ Research analyst Gordon Johnson raised the firm’s price target on U.S. Steel to $14.36 from $13.85 and keeps a Sell rating on the shares. The new year-end 2023 price target represents 41% downside from yesterday’s closing price. The analyst expects the company to report a “modest miss” in Q2, followed by a “more substantial” miss in the second half of 2023. The firm believes second half of 2023 estimates for U.S. Steel “will likely be cut sharply lower.” Headwinds from the “disappointing” China reopening, U.S. macro backdrop and waning global liquidity are not being properly discounted into the blast furnace steel makers, the analyst tells investors in a research note.
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