Soleil Raises Price Target on AK Steel from $45 to $65 (AKS)

Soleil Securities Group raises its price target on AK Steel (NYSE: AKS) from $45 to $65 and maintains a Hold rating.

The firm said potential problems from AK Steel's liabilities to its Middletown retirees now appear to be behind the stock "to the point that it is no longer an issue..."

Soleil raised its FY08 EPS estimate on AK Steel from $4.10 to $4.35, citing increasing steel prices. The firm also initiated a FY09 EPS estimate of $5.20. The Street estimates are currently $4.25 and $4.35 for FY08 and FY09, respectively.

Interestingly, Soleil said it believes AK Steel's "shares are now relatively expensive to be a takeover target."

AK Steel Holding Corporation, through its subsidiaries, produces flat-rolled carbon, stainless, and electrical steels, as well as tubular products in the United States. [BCS]

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