Metal stocks were back in favor today, as Citigroup (NYSE:C) and Bank Of America (NYSE:BAC) both upgraded AK Steel (NYSE:AKS), with Bank of America analyst Kuni Chen adding RTI International Metals (NYSE:RTI) as an upgrade as well.
Most of the change in opinion on metals stocks is related to the idea that there has been an overresponse to market conditions, and the stocks have a higher value than the market is giving them.
Overall, the metal sector enjoyed a good day, with most stocks talked about in reference to being undervalued were in the positive at close.
The upgrades should help RTI and AK Steel, which have been hit hard recently.
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