Credit Suisse analysts led by Curt Woodworth upgraded AK Steel two notches to $7 from $3.50 saying the company has underappreciated spot leverage and should benefit significantly from higher 2017 contract prices. Woodworth estimates AK Steel should see $70/ton price increase across its contract mix for 2017 and take share in automotive due to next generation steel expansion in Dearborn in 2017. The analyst has reduced concerns regarding liquidity following the recent equity offering and now expects the company to de-lever the balance sheet over the next several years and to buy back longer dated debt at a discount.