Deutsche Bank Downgrades AK Steel (AKS) to Hold; Valuation Call After Recent Run Up

Deutsche Bank downgraded AK Steel (NYSE: AKS) from Buy to Hold, price target cut from $13 to $10.

Deutsche analyst says, "We are lowering AKS to Hold on recent outperformance following Street upgrades, lower expectations for its carbon and electrical steel businesses, scale of estimate cuts, perceived earnings risk, continued concerns over its financial profile & pension obligations and valuation. AKS shares are currently trading at 5x 2013 EV/EBITDA (12% below the peer group average; not adjusted for pension)."

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 $9.11 yesterday.

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