UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on AK Steel Holding Corporation

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on AK Steel Holding Corporation

, but slightly lowered its price target from $6.50 to $6.00. Deutsche Bank noted, “3Q beat on h-t-e margins, but lowering PT on higher debts & lower est. AK Steel reported 3Q12 adjusted EPS of $0.25 loss vs DBe of $0.38 loss, street cons of $0.35 loss and prior guidance of $0.34-0.39 loss. EBITDA in 3Q was $36m ($27/t) vs. DBe of $30m ($22/t) with both average price & costs b-t-e. Also, other income (FX/Magnetation) helped EPS ($6m). Post 3Q, we lower our ests and also our PT to reflect higher net debt. Hold on what we see as balanced risk/reward.” AK Steel Holding Corporation closed on Tuesday at $5.19.