Analysts at Cowen turned bearish on United States Steel Corporation X under the assumption that hot rolled coil steel prices are set to move lower. The firm's Novid Rassouli downgraded U.S. Steel's stock rating from Market Perform to Underperform with a price target lowered from $24 to $20. Flat rolled iron accounts for nearly 70 percent of U.S. Steel's total EBITDA in 2016 and the company benefited from European prices which were boosted from higher Chinese prices, Rassouli commented in his downgrade note . But now U.S. Steel's "material exposure" to spot flat-rolled prices should have investors concerned as nearly 60 percent of the U.S. flat-rolled segment is exposed to any move in the spot market. Read moreA breakout of the rising channel is kinda close. But there is still some upside potential. $X, United States Steel Corporation / D