Jefferies analyst Seth Rosenfeld downgraded U.S. Steel (X) to Underperform saying valuations in the steel space are “increasingly hard to justify” following the recent rally. The analyst expects steel pricing to lose momentum into summer. He has a $10 price target for shares of U.S. Steel.
Rosenfeld this morning also downgraded Reliance Steel (RS), Commercial Metals (CMC) and Olympic Steel (ZEUS) to Hold from Buy. His top picks in the space are Steel Dynamics (STLD) and Nucor (NUE).
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