UPDATE: Jefferies Reduces PT to $14 on AK Steel Holding Corporation on Price Pressure and Demand Outlook
Jefferies reiterates its Hold rating on AK Steel Corporation (NYSE: AKS) and reduces its price target from $8 to $6.
Jefferies comments, "Following sharp downward moves in steel/scrap prices and given ongoing risks to global growth related to the European debt crisis and potentially material downside implications for steel markets, we've lowered our steel price/demand forecasts and have reduced steel earnings estimates and target prices. Though steel equity valuations have already declined substantially, we expect trends to remain weak and maintain our preference for more defensive models within the group."
AKS closed at $5.32 on Friday.
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