United States Steel Corporation (X) might see consistent declines moving forward
United States Steel Corporation (X) currently trades at $7.06 and has grown by 12.68% today. Bank of America analyst Timna Tanners reiterated her Underperform rating for U.S. Steel and cut her price target from $4 to $3. Tanners said U.S. steel’s Friday announcement of additional furnace closures, a $125 million capex delay and an $800 million drawdown on its revolver are further signs the company is facing an unprecedented situation. Tanners estimates U.S. Steel now has just $724 million remaining in revolver capacity and $2.3 billion in total liquidity.
Based on this information, investorsQ rates this stock 4 out of 10. We give it this rating because U.S. Steel’s cost-cutting measures will help, but steel prices remain in freefall given demand has been decimated by coronavirus (COVID-19) economic shutdowns. The high forecast for United States Steel Corporation is $9.00 and the low is $3.00. Notably, the company’s market cap is $1.20 billion with a 52 week high of $20.53 and a 52 week low of $4.54.