02:30 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target by $10 to $41 on an EV/EBITDA of 7.0x our 2024 EBITDA estimate, a premium to X's three-year average forward EV/EBITDA of 3.4x but below peers' average forward EV/EBITDA of 7.6x. We lift our 2024 EPS estimate by $0.29 to $3.39 and cut our 2025 estimate by $0.13 to $3.81. X posted Q1 adj. EPS of $0.82 vs. $0.77, $0.11 below consensus, with a miss on revenue of 1%. After the Department of Justice requested more materials related to an antitrust review, Nippon Steel announced that it will delay the closing of its acquisition of X to December, after the U.S. presidential election. Unfortunately for U.S. Steel shareholders, they appear to be the only ones in favor of the deal, as unions and both presidential candidates have expressed sharp criticism to U.S. Steel being sold to a foreign company. As a stand-alone entity, it's unclear where X would trade; in line with peers argues for strong upside potential, but in line with X's historical average indicates significant downside risk.