Jefferies Upgrades AK Steel (AKS) to Buy
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Jefferies upgraded AK Steel (NYSE: AKS) from Hold to Buy with a price target of $6.25 (from $5.50).
Analyst Seth Rosenfeld commented, "As domestic US steel prices find a floor and global markets benefit from emerging raw materials-led reflation, prospects for the US steel market have notably improved. With AKS reporting materially improved cost control in Q3 and with balance sheet risks increasingly addressed, we see attractive upside into 2017. Upgrade to Buy."
Shares of AK Steel closed at $5.14 yesterday.
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