UPDATE: Bank Of America Lowers Price Target On AK Steel To $9.50

According to Bank of America, AK Steel AKS price target is lowered to $9.50. Bank of America said that AKS has fallen 47% from July 22 vs the S&P and its coverage at 13% and 27% each. “Margins are thin and demand can disappoint in a recession scenario. Its pension funding could worsen from a $1.1B deficit should interest rates slip and equities end 2011 lower. Unfunded health care liabilities last totaled $795M.” AK Steel closed yesterday at $8.58.