UPDATE: Deutsche Bank Downgrades AK Steel to Hold, Lowers PT to $10

Deutsche Bank lowers its rating on AK Steel

to Hold from Buy and lowers its price target $3 to $10 per share on seasonality of demand and high inventories. Deutsche Bank says, "Slowing Asia & EU growth and heightened economic concern elsewhere pressured commodity equities in 2H (coverage -35%). Risk appetite & stock performance has improved, but growth expectations are muted in the near-term. As a result, we have lowered PT and estimates; more aggressively for '12. Looking forward, the ability for commodity prices to move higher through '12 will depend on a further re-rating of risk & growth in China & Europe, along with USD stability." AKS closed at $9.11 per share on Friday.