X - Analyst Endorses ArcelorMittal: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Steel stocks got walloped last month.
Shares of steel minimill operator Nucor (NYSE: NUE) fell 13% from the end of July to the end of August, while U.S. Steel (NYSE: X) plummeted 30%, culminating in price target cuts on both companies at the end of the month, when investment banker Citigroup lowered its targets for Nucor and U.S. Steel to $55 and $12, respectively.