UBS Maintains a 'Buy' on AK Steel (AKS); Lowers PT & Estimates
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Price: $3.52 +4.76%
Rating Summary:
5 Buy, 10 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
5 Buy, 10 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade AKS Now!
UBS maintains a 'Buy' on AK Steel (NYSE: AKS) price target cut $1.00 to $9.00.
UBS analyst says, "AKS did not give 4Q guidance with the 3Q press release, but did note during the call an expected operating loss for 4Q, due to lower spot prices and higher operating costs; higher operating costs were attributable to lower volumes and the expectations of a LIFO charge in 4Q vs. a $9.5mm LIFO credit in 3Q. That said, based on AKS taking a LIFO credit in 3Q, we would expect a more muted LIFO impact for 4Q than seen during 1H 2011."
"Based upon qualitative guidance, we lower our 4Q11 EPS to an expected loss of ($0.23) vs. a gain of $0.03. We lower 2012/2013 EPS estimates to $1.29/2.95 from $1.35/3.00 on flow through impact in our model."
For more ratings news on AK Steel click here and for the rating history of AK Steel click here.
Shares of AK Steel closed at $7.47 yesterday, with a 52 week range of $5.51-$17.88.
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UBS analyst says, "AKS did not give 4Q guidance with the 3Q press release, but did note during the call an expected operating loss for 4Q, due to lower spot prices and higher operating costs; higher operating costs were attributable to lower volumes and the expectations of a LIFO charge in 4Q vs. a $9.5mm LIFO credit in 3Q. That said, based on AKS taking a LIFO credit in 3Q, we would expect a more muted LIFO impact for 4Q than seen during 1H 2011."
"Based upon qualitative guidance, we lower our 4Q11 EPS to an expected loss of ($0.23) vs. a gain of $0.03. We lower 2012/2013 EPS estimates to $1.29/2.95 from $1.35/3.00 on flow through impact in our model."
For more ratings news on AK Steel click here and for the rating history of AK Steel click here.
Shares of AK Steel closed at $7.47 yesterday, with a 52 week range of $5.51-$17.88.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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