AK Steel (AKS) PT, Estimates Raised at Jefferies
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Jefferies analyst Seth Rosenfeld raised his price target on Hold-rated AK Steel (NYSE: AKS) to $5.50 (from $4.50) following results.
Rosenfeld commented, "AKS took necessary steps in recent years to reduce exposure to steel market volatility by stepping out of the spot market, growing premium-grade products and shutting down its highest cost assets. Stronger than expected Q3 results provide additional confidence AKS is moving in the right direction, and with spot prices likely at a trough, risk/reward has improved."
The firm raised FY 2016 EPS from $0.14 to $0.22 and FY 2017 EPS from $0.36 to $0.51.
Shares of AK Steel closed at $5.27 yesterday.
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