UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on AK Steel Holding Corporation

In a report published Monday, Jefferies & Company reiterated its Hold rating on AK Steel Holding Corporation

, but lowered its price target from $5.00 to $3.50. Jefferies noted, “In exchange for >30% dilution to cycle earnings power, through its bond/stock offerings last week, AKS achieved roughly 6 additional quarters of additional liquidity at current cash burn run rates. Amidst continued challenging mkt. conditions, AKS has still to execute what we see as relatively risky RM expansion projects to reduce its cost disadvantage relative to peers. We see better risk-reward elsewhere in steel.” AK Steel Holding Corporation closed on Friday at $3.57.