Credit Suisse Upgrades AK Steel (AKS) to Neutral
Get Alerts AKS Hot Sheet
Rating Summary:
2 Buy, 19 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 11
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Credit Suisse upgraded AK Steel (NYSE: AKS) from Underperform to Neutral with a price target of $5.50 following slightly weaker than expected Q1 results.
Analyst N. Littlewood said the numbers/earnings took a back seat to a Magnetation 100%/$256mn impairment.
"Positive Updates included: 1) Magnetation is non-recourse - AKS confirmed our prior understanding that Magnetation debt is non-recourse to AKS, and that AKS has no legal commitments to provide further financial support to Magnetation. CSe Magnetation's breakeven is ~$75/t IODEX. 2) Trade Case Imminent - Management take injury as proven, and suggested that the filing of a Trade Case was an imminent event."
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 $5.35 yesterday.
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