Goldman Sachs Upgrades AK Steel (AKS) to Neutral

Goldman Sachs upgraded AK Steel (NYSE: AKS) from Sell to Neutral with a price target of $3.50.

The firm comments, "The stock has traded off 34% since completing its secondary, convert and bond offerings last week and is now close to our target price. We believe that, with the recent capital raise, AK Steel's balance sheet concerns have diminished in the near to medium term and we do not see any further company-specific negative catalysts on the horizon. Since being added to the Sell List on June 10, 2012, AKS is down 26.7% versus the S&P 500 up 6.0%. Over the past 12 months, AKS is down 56.5% versus the S&P 500 up 14.1%."

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 $3.66 yesterday.

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