Bank Of America Lowers 2015E EPS On AK Steel Holding Corporation

In a report published Monday, Bank of America analyst Timna Tanners reiterated a Buy rating and $13.00 price target on

. In the report, Bank of America noted, “We lowered 2015E EPS to $2 from $2.50 after factoring in the Severstal Dearborn steel mill acquisition and some conservatism to reflect integration risk. Including the equity greenshoe the financing ended up being 54%/46% debt vs equity compared with AK's guidance of 60/40. Our 2015E EPS is well above consensus at $1.14 as we don't think AK's ~$1.8B in tax loss carryforwards is being fully factored in.” AK Steel Holding Corporation closed on Friday at $9.11.