U.S. Steel +1.9% as Deutsche Bank upgrades to Buy


U.S. Steel (NYSE:X) +1.9% premarket after Deutsche Bank upgrades shares to Buy from Hold with a $40 price target, up from $28, citing the company's better than expected Q2 results and Carnegie Way transformation.

The firm notes that U.S. Steel expects Q3 results to improve significantly as operations normalize, and that the lack of weather-related challenges will generate a favorable impact of $150M for its U.S. flat-rolled segment.

The company continues to make headway in its Carnegie Way program, DB says, with new projects implemented in Q2 expected to drive additional benefits of $145M in 2014 and $435M total.

As a result, DB's 2014 EBITDA estimate now comes in at $1.1B, +3% vs. its prior estimate, and estimated 2015 EBITDA is $1.4B, +11% from its earlier estimate.

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