KeyBanc Maintains Positive Outlook on Steel Dynamics (STLD), AK Steel, (AKS) & GrafTech (GTI)
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KeyBanc analyst comments on Steel Sector, "Our BUY ratings on Steel Dynamics, Inc. (NASDAQ: STLD) and AK Steel Holding Corporation (NYSE: AKS) are maintained given above-average flat-rolled exposure and the increased likelihood of sequential earnings improvement for 2Q09 and beyond. We are raising our price targets on STLD to $18 from $15 and on AKS to $23 from $17."
"We also continue to favor shares of GrafTech International Ltd. (NYSE: GTI) and are increasing our price target to $15 from $12. Given GTI's highly variable operating model, aggressive cost-cutting initiatives, the importance of GTI's niche to the global steel industry, the strength of its balance sheet, and solid pricing power, we feel that its shares offer a compelling way for investors to gain early-cycle exposure to any nascent recovery."
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