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Fly News Breaks for January 19, 2017
AKS
Jan 19, 2017 | 05:34 EDT
Citi analyst Alexander Hacking downgraded AK Steel (AKS) to Sell along with others in the Steel space after cutting his view on the sector to Neutral from Bullish. The U.S. steel sector has rallied 68% since mid-October, "which captures the majority of cyclical upside," Hacking tells investors in a research note. He expects steel prices to decline in the second half of 2017 amid increased domestic supply, limited demand growth, lower raw materials and import parity. The analyst raised his price target for AK Steel to $8 from $5.
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