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Fly News Breaks for January 31, 2018
AKS
Jan 31, 2018 | 08:26 EDT
As previously reported, BofA/Merrill downgraded AK Steel to Underperform from Buy and cut its price target to $5.50 from $8. Analyst Timna Tanners said AK Steel's "disappointing" Q1 and normalized earnings guidance is due to management's "commodity neutral approach," which limits benefits from higher steel prices. Tanners said higher costs will likely limit margin expansion and is more cautious on on AK Steel's key automotive end market and free cash flow outlook given high debt levels.
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