As previously reported, Wolfe Research upgraded U.S. Steel (X) to Outperform from Peer Perform with a $46 price target, arguing that the stock “looks relatively cheap on a standalone basis” using estimates “well below” its forecasts listed in the proxy. President Biden’s explicit opposition to the Nippon Steel (NPSCY) takeover, adding to already vehement opposition from GOP rival Trump, “seriously dampened any chance of the deal being completed,” though the firm still sees a chance Nippon can complete the $55 per share takeover after the U.S. presidential election. However, in the case the deal breaks, the firm does not see “any scenario” where U.S. Steel would take an alternative offer below the firm’s new $46 price target on the shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on X:
- U.S. Steel union workers push back against Nippon Steel deal, WSJ says
- Compass Point metals/steel analysts hold an analyst/industry conference call
- U.S. Steel (NYSE:X) Deal Not Dead Yet, Says Nippon Steel
- U.S. Steel, CarbonFree sign agreement to capture carbon dioxide emissions
- U.S. Steel (NYSE:X) Goes Cold after Union Rebukes New Buyer