UPDATE: Goldman Sachs Upgrades AK Steel Holding to Neutral Post Capital Raise

Goldman Sachs raised its rating on AK Steel Holdings

from Sell to Neutral with a reiterated $3.50 PT Goldman Sachs said, "The stock has traded off 34% since completing its secondary, convert and bond offerings last week and is now close to our target price. We believe that, with the recent capital raise, AK Steel's balance sheet concerns have diminished in the near to medium term and we do not see any further company-specific negative catalysts on the horizon." AK Steel Holdings closed at $3.65 on Monday.