BUZZ-United States Steel Corp: Goldman Sachs raises price target

Wed Sep 17, 2014 6:54am EDT
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** Steelmaker's shares up 6.3 pct at $44.02 premarket

** Goldman Sachs raises price target on stock to $58 from $47, citing company's strategic actions announced on Tuesday

** Company said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act

** Also said it would drop plans to expand two facilities

** "These are the boldest steps by U.S. Steel management toward accelerating its transformation into a suitably profitable company," Goldman Sachs analyst Sal Tharani said in a note

** Company expects current-quarter results, excluding items, to be "significantly" higher than Wall Street expectations

** Up to Tuesday's close, stock had risen more than 40 percent this year