United States Steel Stock Too Cheap to Ignore, Says Credit Suisse
By Sam Boughedda
Investing.com — Credit Suisse said in a note to investors that United States Steel Corporation (NYSE:X) stock is too cheap to ignore, fresh off of posting an earnings beat on Thursday evening,
The company reported third-quarter adjusted EPS at $5.36, above the expected $4.86, with revenue coming in at $5.96 billion, above Wall Street estimates of $5.79 billion.
U.S. Steel also announced a $300 million stock buyback and boosted its quarterly dividend to 5 cents a share.
"We continue to view Street estimates for 2022 as way too low with CS ~70% above Street. We expect capital return to remain a consistent feature of story going forward given our FCF outlook for ~$5.0bn in total across 2022 and 2023, even with elevated capex spending," said Credit Suisse analyst Curt Woodworth.
The analyst reiterated an outperform rating and $49 price target on the stock, believing it has a credible path to meaningfully higher mid-cycle earnings.
Related Articles
United States Steel Stock Too Cheap to Ignore, Says Credit Suisse
