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UPDATE: UBS Upgrades AK Steel to Neutral; Liquidity Concerns Remedied

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AK Steel Surrenders Early Gains After Q1 Beat
Earnings Scheduled For April 25, 2017

UBS raised its rating on AK Steel (NYSE: AKS) from Sell to Neutral and raised its price target from $3.50 to $4.

UBS noted, "We are upgrading AKS to Neutral following a recent 30% price correction and steps taken recently which have pushed out our liquidity concerns. Looking ahead we expect a positive environment for steel related companies as the last two rounds of steel hikes appear to have “stuck”, lower raw materials costs are expected to help margins longer term and the upcoming settlement for met coal is likely to be lower than our current estimate of $200/t. Additionally the group has been weak due to fiscal cliff concerns and should benefit from a resolution."

AK Steel closed at $3.83 on Friday.

Latest Ratings for AKS

DateFirmActionFromTo
Apr 2017MacquarieUpgradesNeutralOutperform
Apr 2017CitigroupUpgradesSellNeutral
Feb 2017Morgan StanleyDowngradesOverweightEqual-Weight

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Posted-In: UBSAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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