Morgan Stanley upgraded U.S. Steel to Overweight from Equal Weight with a price target of $48, down from $51. The analyst cites expected value creation from the company’s “transformational investments” following the recent share pullback for the upgrade. The firm says the upgrade is supported by the competitive nature of US Steel’s strategic review process, which highlights the value of the company’s growth initiatives. Morgan Stanley believes the company is nearing the end of its transformation into a more flexible steelmaker.
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