United States Steel Group ( X ) has been upgraded to Outperform form Neutral by analysts at Credit Suisse. The price targe on the stock was raised 50% to $30 from $20 a share.
"We see a number of compelling industry and company specific datapoints which suggest that 4Q will prove the earnings trough, with an expected steel price recovery pushing the shares higher over the next 3 months," said Credit Suisse. "We raise our 2013 estimate from $1.48 to $1.72 and 2014 from $2.02 to $3."
The firm added that it believed that X's significant exposure to auto demand will result in earnings improvement relative to consensus.
Shares of X are up 7.6% to $25.66 amid a 52-week range of $17.67 - $32.52.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
