Credit Suisse Bullish on United States Steel Corporation (X)
On Wednesday Credit Suisse analysts upgraded United States Steel Corporation (X) in wake of the “fiscal cliff” resolution.
The analysts upgraded US Steel from “Neutral” to “Outperform.” They see the steel company in a position to rebound in the coming years due to attractive fundamentals and upside in the China market. Also, recent channel checks show improved US demand which is helping support higher steel prices.
US Steel shares were up 95 cents, or +3.98%, in premarket trading on Wednesday.
The Bottom Line
Shares of U.S. Steel (X) have a .84% dividend yield, based on Monday’s closing stock price of $23.85. The stock has technical support in the $20-$22 price area. If the shares can firm up, we see overhead resistance around the $26-$27 price levels.
United States Steel Corporation (X) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.
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