The bank upgraded the steelmaker to overweight and named it a top pick on 'the expected value creation from the company's transformational investments.'
U.S. Steel is undergoing a transformation to become a tech-savvy steelmaker, making it an attractive play, according to Morgan Stanley. Analyst Carlos De Alba upgraded the steelmaker to overweight from equal weight and named it a top pick on "the expected value creation from the company's transformational investments." He increased his price target by $15 to $40, implying the stock could gain roughly 23.2% over the next 12 months.
Steel, historically an integrated blast furnace steelmaker, is rapidly transforming by expanding its electric arc furnace, or EAF, capabilities and high value-add downstream offerings, De Alba said. The analyst noted that U.S. Steel's Big River mini mill, which is expected to come online in 2024, will almost double its EAF steelmaking capabilities.
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