US Steel (X) PT Lowered to $45 at BMO Capital

BMO Capital lowered its price target on US Steel (NYSE: X) to $45.00 (from $50.00) while maintaining a Market Perform rating.

Analyst David Gagliano comments "As with the other steel producers under coverage, in our view US Steel shares are inexpensive within the context of our “higher for longer” steel price outlook over time. But, with X still navigating its three-year asset revitalization program, execution risk remains high. The reduction to the target price reflects our view that this ongoing execution risk will remain an overhang, with the $45 target price representing ~4.5x our 2019 EBITDA estimate, after factoring in estimated FCF generation."

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