UPDATE: Dahlman Rose Lowers PT on AK Steel Holding Corporation from $22 to $19

Dahlman Rose has published a research report on AK Steel Holding Corporation AKS lowering the price target from $22 to $19. In the report, Dahlman Rose wrote, "AK Steel reported 2Q11 EPS of $0.30, well below our and consensus estimates of $0.50 and below company-issued guidance. Reported results include a $0.02 charge related to state tax law changes. Results compare to EPS of $0.08 last quarter and $0.24 in the second quarter of last year. Variance from our estimate is largely due to a lower-than-expected gross margin percentage of 9.4%, as rising raw material costs limited gains from sale price increases. Margin compression is expected during the upcoming quarter, as recent price declines flow through earnings." Dahlman Rose rated AK Steel Holding Corporation a BUY with a price target lowered from $22 to $19. AK Steel Corporation closed Tuesday at $12.81.