- AK Steel (AKS +17.1%) surges after saying it expects to report a surprise Q4 profit, and other steel names are rising in response: X +4.1%, NUE +1.7%, STLD +1.4%, MT +0.8%.
- Barclays raises its AKS target price to $8 from $5, citing revised guidance as well as improvements in underlying steel fundamentals which matter more for AKS than other upstream steel producers as it significantly reduces the liquidity concerns (Briefing.com).
- Wells Fargo, however, tells investors not to chase AKS shares higher; the firm is concerned that steel companies will be caught off guard if auto demand moderates, which it views as a possibility since dealer inventories are at multi-year highs.
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