Jefferies Maintains Neutral View on AK Steel (AKS) Following Lower Q1 Guidance

Jefferies reiterated its Hold rating and $8 price target on AK Steel (NYSE: AKS) after lower first quarter guidance after the close.

AK now sees Q1 loss of 11-15 cents per share and shipments of about 1.31 million tons. The Street is currently looking for a Q1 gain of 4 cents per share.

The lower guidance comes despite an un-quantified LIFO credit it expects to book in 1Q12, Jefferies notes.

AK expects to "generate net income" in the second quarter on improved prices, shipments, lower RM costs and implied LIFO income. The Q2 consensus currently stands at $0.26.

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 $7.90 yesterday.

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