POSCO – ADR (PKX) – Bear of the Day

POSCO's (PKX) lackluster operating earnings guidance -- due to higher raw material costs and an anticipated increase in Chinese steel volume exports -- for the second half of 2010 continue to generate headwinds.

Rising competition will result in significant price competition, declining margins and reductions in revenue. Moreover, concerns over gains/losses from volatility in foreign currency and the cyclical nature of the industry will restrict share price performances.

Thus, we have downgraded our recommendation to Underperform. Our $92.00 target price, 7.8X 2010 EPS, reflects this view.
 
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