UPDATE: Jefferies Upgrades A.M. Castle to Buy

Jefferies is out with its report today on A. M. Castle (NYSE: CAS), upgrading CAS to Buy from Hold.

In its report, Jefferies writes, "We are assuming coverage of CAS with a Buy rating and $17 price target. With valuations depressed on longer term growth prospects and cyclical recovery underway within its key end markets, we see risk reward favorable at current prices."

At the time of posting, shares of CAS were trading pre-market at $11.67, up 0.43% from Thursday's close.