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Goldman Upgrades U.S. Steel and Nucor

Goldman Sachs upgraded steel-products makers U.S. Steel (X) and Nucor (NUE) to outperform from in-line.

Analyst Aldo Mazzaferro says U.S. Steel and Nucor now rank #1, #2, respectively, with an upside of 55% and 49%, relative to his estimated fair values . He raised U.S. Steel's and Nucor's fair values to $58 and $64, respectively, from $49 and $62, after raising normalized, 2005 earnings-per-share estimates for U.S. Steel and raising normalized, 2004 earnings-per-share estimates for Nucor.

Both companies had much better than expected third-quarter earnings per share. Mazzaferro says both companies should generate significant free cash flow in 2005.

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