United States Steel was Upgraded to a Buy Rating at Longbow Research

By Austin Angelo

Longbow Research analyst Chris Olin upgraded United States Steel (NYSE: X) to Buy today. The company’s shares closed last Friday at $20.16.

According to TipRanks.com, Olin is a 4-star analyst with an average return of 25.3% and a 50.0% success rate. Olin covers the Basic Materials sector, focusing on stocks such as Allegheny Technologies, Haynes International, and AK Steel Holding.

Currently, the analyst consensus on United States Steel is Moderate Buy and the average price target is $25.22, representing a 25.1% upside.

In a report issued on June 5, Jefferies also reiterated a Buy rating on the stock with a $29 price target.

Based on United States Steel’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.73 billion and GAAP net loss of $180 million. In comparison, last year the company earned revenue of $2.34 billion and had a GAAP net loss of $340 million.

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United States Steel Corp. engages in the manufacturing and selling of steel products. It operates through the following segments: Flat-Rolled Products, U.S. Steel Europe, and Tubular Products. The Flat-Rolled Products segment includes managing steel plants and production facilities that manufactures steel slabs, rounds, strip mill plates, sheets, tin mill, iron ore, and coke. The U.S. Steel Europe segment offers producing and marketsing strip mill plates, spiral welded pipe, heating radiators, refractory ceramic materials. The Tubular Products segment involves in manufacturing and trading seamless and electric resistance welded steel casing and tubing. line pipe, and mechanical tubing. The company was founded in 1901 by Andrew Carnegie, John Pierpont Morgan, Charles Michael Schwab, and Elbert Henry Gary and is headquartered in Pittsburgh, PA.