Downgrading at this level is sheer desperateness from these analysts. They are trying hard to hold X down at this level to allow their clients to load up at fire sale prices. The playing field is about to get balanced with the new tariffs and fines levied on imported steel. This stock truly has a potential to double or triple your money in the next year. The down side IMHO is about the $7 level and the upside is around the $16 to $20 level. Notice the furious downgrade activity after the stock rallied from $7 to $9 in two days! That's 30% in two days and the shorts can't stand it. If the stock can close in the green today after a downgrade the bottom is in and this will go above $12 shortly.
The United States on Wednesday slapped import duties of up to 227.29 percent on imports of cold-rolled flat steel from China after finding the goods were produced using unfair levels of government support.
In a preliminary decision, the Department of Commerce set duties on imports from Brazil, China, India and Russia. The steel is used in industries ranging from auto manufacturing to construction.
The duties will affect companies including Benxi Iron and Steel (Group) Special Steel Co [LNGOVB.UL] after a complaint by AK Steel Corp [AKST.UL], ArcelorMittal USA [ARCMTR.UL], Nucor Corp, Steel Dynamics Inc. and United States Steel Corp
Already loaded half my boat this morning below 7.60. At this point 99% of all the negative news is priced in. This stock can go to $12+ on absolutely no news in the short term, probably by the end of the year. Longer term this is a 4 to 5 bagger. Any analyst who downgrades the price target below $10 at this point is a jaaacccckkkkaaasss working for the shorts and giving them the best chance to cover by basically stealing extremely cheap shares from small investors. If the stock closes in the green that will be the signal for shorts to cover now and longs to go all in!