Jefferies downgraded U.S. Steel (X) to Hold from Buy with a price target of $55, up from $50, after President Trump announced his approval of “some form of partnership” between the company and Nippon Steel. (NPSCY). Though the details of what he has approved are vague, the market reacted as if a full takeover at $55 per share is likely, notes that analyst following Friday’s 21% rally on the news.
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