S&P RAISES RECOMMENDATION ON AK STEEL HOLDING TO HOLD FROM SELL
4:00 PM ET 2/26/09 Symbol Last % Chg AKS 6.19 -0.64% Real time quote.
SNPMarketScopeResearchNotes2009-02-24 14:52:11.000AKSAK STEEL HOLDINGL.LarkinS&P RAISES RECOMMENDATION ON AK STEEL HOLDING TO HOLD FROM SELL. Our upgrade is based on valuation. On a more pessimistic outlook, we increase our '09 loss estimate to $0.26 from $0.14 but keep our '10 estimate of $0.87. On our revised estimate, we reduce our 12-month target price to $7 from $8. However, following a recent sharp decline in the share price, we think AKS is no longer overvalued, selling now at 1.3X its 2008 year end cash and cash equivalent per share of $5.07 and at a discount to its year-end '08 book value of $8.68. Long-term, we view AKS as a special situation turnaround.
Today and everyday, only sanctuary is to short the entire market as plans apparantly are to kill it. Upgrades..... no matter, distruction of middle and upper classes are all the rage among demoncrats.... Most supporting their own destruction are either too stupid or just too oblivious to know it. But in defence of Obama, he is doing nothing he didn't say he would do. Socialism in our time!!! Whoopie!!