J.P. Morgan lifts PTs of Steel Dynamics, US Steel ahead of Q2 results
** J.P. Morgan lifts PTs of steelmakers Steel Dynamics STLD.O to $120 from $118 and U.S. Steel X.N to $43 from $40
** Brokerage sees steel companies in the U.S. reporting results in line or above their mid-quarter forecasts
** STLD's diverse product offering and downstream backlog can help level earnings through the cycle - JPM
** "X has the strongest growth outlook into 2025 coupled with easing capex requirements driving improved FCF generation"
** JPM lowers peer Nucor's NUE.N PT to $170 from $180, citing co's forecast of weaker-than-expected Q2 realized pricing
** "Given pricing has yet to find a floor, Q3 results (for steel cos) are likely to see further downward momentum from lagged pricing pressure and seemingly slow demand" - JPM
** YTD; STLD had risen 12.4%, X had fallen 21.4% and NUE fallen 4.5%
Reporting by Aatreyee Dasgupta
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