Updated from 4:16 p.m. ET
Shares of two steel makers fell Friday as an analyst downgraded the manufacturers, saying a brief increase in steel prices is already built into their stock prices.
Analyst Sal Tharani of Goldman Sachs said in a note to clients that he expects "a short-lived spike in steel prices on the back of an unprecedented supply response in the face of one of the weakest demand environments.
"We believe that investors need to be more selective going forward," he said.
Tharani downgraded United States Steel (X Quote) to sell from neutral, saying he sees a potential downside to his $23 price target due to a deteriorating oil field equipment market, the company's fixed cost structure, the worsening economy in Europe and expensive valuations....
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