U.S. Steel price target lowered to $40 from $43 at BMO Capital

BMO Capital lowered the firm’s price target on U.S. Steel (X) to $40 from $43 but keeps an Outperform rating on the shares. The firm cites the company’s weaker than expected and “disappointing” Q4 earnings pre-announcement, even though about $25M of its expected EBITDA miss can be attributed to the “transitory” higher BRS2 start-up costs, making the implied magnitude of the miss “generally similar to peers”, the analyst tells investors in a research note.