Allegheny Technologies Lowered to Hold at Deutsche Bank (ATI)
Allegheny Technologies (NYSE:ATI) was downgraded by Deutsche Bank from a “buy” rating to a “hold” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. They currently have a $36.00 target price on the stock. Deutsche Bank’s target price indicates a potential upside of 2.07% from the company’s current price.
The analysts wrote, “A US thermal coal recovery has quietly happened via better demand & lower inventories but we see no reason to alter our cautious longer-term outlook here,” the report noted. “As a result, coking coal fundamentals remain central to any thesis in our view. We did upgrade ANR in mid-2013 with a view that met coal prices were near a trough & market prices did recover considerably in 3Q. However, this rally was short-lived and the near-term outlook is clouded by slowing Asian growth & added supply. As a result, we’ve trimmed our met coal assumptions by 5-6% in 2014-15 and lowered EBITDA forecasts 8-9% on average, respectively. Lastly, these forecasts are now ~15% below consensus.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of Allegheny Technologies from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, December 9th. They now have a $30.00 price target on the stock. Separately, analysts at Buckingham Research upgraded shares of Allegheny Technologies from a “neutral” rating to a “buy” rating in a research note to investors on Monday, December 9th. They now have a $40.00 price target on the stock, up previously from $27.00. Finally, analysts at Credit Suisse raised their price target on shares of Allegheny Technologies from $27.00 to $34.00 in a research note to investors on Thursday, October 24th. They now have a “neutral” rating on the stock. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $31.28.
Shares of Allegheny Technologies (NYSE:ATI) traded down 0.62% on Friday, hitting $35.27. The stock had a trading volume of 1,760,627 shares. Allegheny Technologies has a 52 week low of $25.60 and a 52 week high of $35.89. The stock’s 50-day moving average is $33.81 and its 200-day moving average is $30.52. The company’s market cap is $3.809 billion.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Wednesday, October 23rd. The company reported ($0.27) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.30) by $0.03. The company had revenue of $972.00 million for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was down 14.1% on a year-over-year basis. On average, analysts predict that Allegheny Technologies will post $-0.33 earnings per share for the current fiscal year.
Allegheny Technologies Incorporated (NYSE:ATI) is a diversified specialty metals producer.
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