U.S. Steel Upgraded to “Buy” at Goldman Sachs (X)

in Gold Gold Investing Gold Investment by admin — March 8, 2010 7:14 am | no comments

Steel maker United States Steel Corporation ( X ) caught a big upgrade on Monday from analysts at Goldman Sachs. The analyst raised its rating on X to “Buy” from “Neutral,” and lifted its six-month price target on the stock to $79 from $55. U.S. Steel shares had closed at $58.90 on Friday. Goldman noted that “Raw material prices continue to move up with scrap now in the lead and likely soon to be followed by higher iron ore and coking coal prices, which should provide support for higher steel prices.” U.S. Steel shares rose $1.90, or +3.2%, in premarket trading Monday. The Bottom Line Shares of U.S. Steel ( X ) have a dividend yield of .34%, based on last night’s closing stock price of $58.90. The stock has technical support in the $50 price area. If the shares can firm up, we see overhead resistance around the $65 price level. We would remain on the sidelines for now. United States Steel Corporation ( X ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .