Morgan Stanley upgraded U.S. Steel (X) to Overweight from Equal Weight with a price target of $40, up from $25, and made it the analyst’s Top Pick, replacing Teck Resources (TECK). U.S Steel has historically been an integrated blast furnace steelmaker, but it is undergoing a rapid transformation by expanding its EAF capabilities and high value-add downstream offerings, says the firm, which cites expected value creation from the company’s “transformational investments” for its upgrade. The ongoing strategic review process to potentially sell assets or the company highlights the value of U.S. Steel’s growth initiatives, the analyst tells investors.
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