GLJ Research Upgrades US Steel (X) to Buy

GLJ Research analyst Gordon Johnson upgraded US Steel (NYSE: X) from Hold to Buy with a price target of $17.30.

-Foreseeing a revival of car demand in the U.S., and a revival of "high-end auto steel markets" alongside it, GLJ says it is currently seeing the "most bullish setup we've seen for the US steel sector since mid-2019.

-Global steel prices [are] surging, This is happening at the same time as the U.S. steel market is enduring "acute shortages" in supply.

-GLJ sees "massive ... liquidity" from government stimulus efforts, and more coming down the pike from a "stimulus-friendly Biden Administration."

- In GLJ's view, U.S. Steel, which cost $11 and change yesterday could conceivably soar as high as $17.30 over the next 12 months

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