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United States Steel Stock Too Cheap to Ignore, Says Credit Suisse   -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Credit Suisse stated in a note that United States Steel Corporation stock (NYSE:) is too affordable to ignore after it posted an earnings beat Thursday night.  

Company reported adjusted EPS of $5.36 in the third quarter, higher than expected at $4.86. It also posted revenue at $5.96 Billion. That’s more than Wall Street forecasts at $5.79 billion.

U.S. Steel has also announced a 300 million stock buyback. It has increased its quarterly dividend from 5 cents to 5 cents.

We continue to consider Street estimates 2022 far too low, with CS 70% higher than Street. Curt Woodworth from Credit Suisse said that capital return is expected to continue as a feature of the story moving forward, given Credit Suisse’s FCF outlook which shows $5.0bn across 2022-2023. This includes high capex spending.

An analyst reiterated an outperform rating for the stock with a price target of $49, believing that it can earn meaningfully more in mid-cycle.

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