US Steel (X)

Jul 13, 2021Trade Ideas

Just yesterday, we highlighted an opportunity in Steel Dynamics (STLD), which opened at $60.87. This morning, STLD is set to open at $63. We still like the stock at current prices, especially as we near a potential, and much-needed infrastructure bill.

Another hot steel stock to consider is US Steel (X).

After consolidating around $23 for the last few weeks, the stock is breaking out, and could run to a prior high of $28.79. US Steel is another big potential winner should the infrastructure bill pass. Helping, analysts at Deutsche Bank recently raised its price target on US Steel to $38 from $30 with a Buy rating.

In addition, “Credit Suisse analyst Curt Woodworth argues steel demand is booming in the U.S. with only some pockets of weakness evident in commercial construction and automotive from the chip shortage. What was once viewed as a more transitory supply-driven cycle has now transitioned to a more durable demand-led cycle, which is very broad based in terms of drivers, with renewable energy an underappreciated part of the story,” as noted by TheFly.com.


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