Goldman Sachs Downgrades AK Steel (AKS) to Sell, Sees 17% Downside

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Goldman Sachs downgraded AK Steel (NYSE: AKS) from Neutral to Sell with a price target of $5.00 (from $6.00), suggesting 17% downside.

The firm sees "continuing weak flat steel prices, a highly leveraged balance sheet, high pension funding requirements, high capex to fund its raw material strategy, and no sign of a turnaround in its lucrative electrical steel end market to continue to weigh on the stock."

For an analyst ratings summary and ratings history on AK Steel click here. For more ratings news on AK Steel click here.

Shares of AK Steel closed at $6.01 yesterday, with a 52 week range of $5.51-$16.75.

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