AK Steel Sharply Higher After Credit Suisse Upgrade

AK Steel Holdings

shares are trading higher by $0.87 at $5.46 in Wednesday's session. The catalyst for the rally is an upgrade from Credit Suisse from Underform to Outperform, with a $7 price target. The firm cited increasing US steel prices as the reason for the upgrade. After a higher open, it retreated only a penny to $4.85, before resuming its move higher. So far, it has reached $5.50 and is not far off that level. This marks the highest level for the issue since it made a series of highs from $5.55 to $5.44 back in early June of 2015.