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Fly News Breaks for October 26, 2016
AKS
Oct 26, 2016 | 07:17 EDT
As previously reported, BofA/Merrill upgraded AK Steel to Buy from Underperform and raised its price target to $8 from $4. Analyst Timna Tanners' checks indicate US scrap steel prices are likely to rise $30-$40/ton in November due to increased global demand and higher metallurgical coal prices, which could be a catalyst for higher domestic steel prices. Tanners said AK is more insulated from met coal costs and raised its 2017 earnings estimate to 90c from 55c as it continues to benefit from its focus on premium products.
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