U.S. Steel price target raised to $55 from $39 at JPMorgan

JPMorgan analyst Bill Peterson raised the firm’s price target on U.S. Steel (X) to $55 from $39 and keeps a Neutral rating on the shares. President Trump held a press conference boasting the merits of the “blockbuster agreement” and “alliance” between U.S. Steel and Nippon Steel, which at this time JPMorgan concludes is indeed an acquisition, even if the deal has yet to be officially approved ahead of the June 5 deadline, the analyst tells investors in a research note. The firm says more surprising was the introduction of incremental 25% tariffs on steel and aluminum imports, raising the headline rate to an unexpected 50%. At this stage, it appears highly likely the deal will go through, contends JPMorgan.