Seeking Alpha

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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