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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- U.S. Steel shares should move towards $55, says Morgan Stanley
- U.S. Steel deal ‘major positive’ for ArcelorMittal, says JPMorgan
- Trump Says “US Steel will REMAIN in America” After Backing Nippon Steel’s Bid
- U.S. Steel makes statement on President Trump
- Nippon approved to buy U.S. Steel for $55 per share, CNBC’s Faber says
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