Bank of America Reiterates Underperform AK Steel Holding Corporation on Q113 EPS Loss

In a report published Friday, Bank of America analyst Timna Tanners reiterated an Underperform rating and $4.00 price target on AK Steel Holding Corporation

. In the report, Tanners noted, “AKS guided to a Q113E EPS loss of $0.09-0.13, including a ~$0.03 non-cash gain, vs. consensus at a loss of $0.09 and BofAML at a loss of $0.26. Excluding the tax benefit EPS were a loss of $0.12-0.16. AKS guided to Q1 shipments of 1.275-1.3M tons, 7-9% below 1.4M tons in Q4, as spot market weakness dragged down volumes despite better shipments into the auto sector. AK explained that the spot market hadn't seen typical Q1 recovery, but the better mix was actually a strong part of our earnings upgrade after its midquarter guidance. AK guided to 5% higher prices in Q1 on better mix, and reiterated costs would drop from Q4.” AK Steel Holding Corporation closed on Thursday at $3.47.