Deutsche Bank Reiterates Buy On United States Steel Following Q&A With Management
In a research report released today, Deutsche Bank analyst Jorge Beristain reiterated a Buy rating on United States Steel (NYSE:X) with a $60 price target, which represents a potential upside of 88% from where the stock is currently trading.
Beristain noted, “We recently spent time on the road with new CEO Mario Longhi and came away firmly convinced that US Steel is on the right path of what will be a multi-stage journey. The singlebiggest take-away is that their “Carnegie Way” plan is aimed at changing the overall culture of the 113-year old company, not simply a cost-cutting plan, which was our former view. While achieving a “culture” change may sound trite, after attending a day of Q&A with management we believe, what may have started as a top-down directive is now being embraced in a bottom-up way and gaining attention from competitors, a sure sign that US Steel is doing something right. US Steel is truly an iconic company and new management is intent on restoring its former shine.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jorge Beristain has a total average return of -10.0% and a 31.1% success rate. Beristain has a -17.4% average return when recommending X, and is ranked #3294 out of 3398 analysts.