BofA analyst Lawson Winder raised the firm’s price target on U.S. Steel (X) to $40 from $35 and keeps a Neutral rating on the shares after CNBC reported yesterday that Cleveland-Cliffs (CLF) and Nucor (NUE) are considering a joint acquisition proposal. Should such a proposal emerge, the firm sees advantages for all three and suspects the overall U.S. flat-rolled industry might benefit from increased consolidation, the analyst tells investors. The firm maintains a Neutral ratings on Cliffs and Buy rating on Nucor shares.
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