JPMorgan Double Downgrades AK Steel (AKS) to Underweight
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JPMorgan analyst Michael Gambardella downgraded AK Steel (NYSE: AKS) from Overweight to Underweight.
- Expects earnings to be pressured due to lower steel spot pricing and lower pricing on annual contracts.
- Says strike at General Motors may weight on AKS earnings dependent on length of strike.
- Double downgrades on valuation on headwinds to earnings in 2020.
Shares of AK Steel closed at $2.43 yesterday.
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