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AK Steel (AKS) Stock Gains, Upgraded at BofA/Merrill Lynch

NEW YORK (TheStreet) -- Shares of AK Steel (AKS) were advancing in mid-morning trading on Wednesday as Bank of America/Merrill Lynch raised its rating on the stock two notches to "buy" from "underperform."

The firm also upped its price target to $8 from $4 on shares of the West Chester, OH-based steel producer.

"We reflect assumed sustained recent cost performance and a modest met coal cost hike," BofA/Merrill Lynch wrote in an analyst note.

Yesterday, AK Steel reported better-than-expected earnings for the 2016 third quarter.

"Management on its Q3 call...