Update: U.S. Steel Removed From America's Buy List At Goldman Sachs (X)

Goldman Sachs is removing U.S. Steel Group X from its America's Buy List, and is putting a Neutral rating on shares. It has a $56 price target on shares. In a note to investors, Goldman Sachs writes, "We are downgrading US Steel to Neutral from Buy and lowering our six-month, P/E- and EV/EBITDA-based target price to $56 from $74 after disappointing 1Q results and weaker-than-expected guidance. X reported adjusted EPS of ($1.16), significantly below our estimate of ($0.61) and consensus of ($0.37). We lower our 2011/2012 estimates by 46%/21% primarily on higher cost estimates at its Tubular and European operations. We see no new catalyst in the foreseeable future and prefer to remain on the sideline at this point. Since added to the Buy List on 2/14/11, X is -7.8% vs. S&P 500 +1.1%; for the past 12 months, X is -10.3% vs. S&P 500 +11.2% ." Shares of X lost $2.11 yesterday to close at $49.72, a loss of over 4%.