U.S. Steel jumps premarket on Credit Suisse upgrade

U.S. Steel (NYSE:X) +2.6% premarket after Credit Suisse upgrades shares to Outperform from Underperform and raises its price target to $50 from $25, believing U.S. Steel is on the cusp of a multi-billion dollar earnings opportunity driven by raw material cost advantages and a supportive macro environment.

Credit Suisse says the company's ability to produce direct reduced iron using vertically integrated iron ore allowing it to produce low cost steel and the macro environment of demand strength, trade cases and consolidation should allow for better supply side rationalization and pricing.

Steel Dynamics (NASDAQ:STLD) -1.7% premarket, after the firm downgrades shares to Neutral from Outperform due to valuation and keeps its price target at $23.

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