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Piper Kicks Foot Locker Lower, Credit Suisse Revises Steel Cos.


In Monday's Analysts' Actions, Credit Suisse makes a call on the steel sector and a downgrade for Foot Locker. Credit Suisse changed their views in the steel sector with a couple of revisions. Analysts there upgraded United States Steel (X) to an 'Outperform' rating, a big jump from 'Underperform' and doubled the price target for the stock to $50 from $25 a share. The firm believes U.S. Steel has a 'cost advantage over competitors for its raw materials. At the same time, Credit Suisse downgraded Steel Dynamics (STLD) to 'Neutral' from 'Outperform' on the company's recent outperformance. The firm thinks the company is now fully valued and set a $23 price target for the stock. Foot locker (FL) is downgraded at Piper Jaffray to 'Neutral' but the stock is still getting a price target increase to $57 from $54. The firm cited valuation and peak margins for its cut in rating.