Allegheny Technologies Upgraded to Outperform by Credit Suisse (ATI)
Allegheny Technologies (NYSE:ATI) was upgraded by research analysts at Credit Suisse from a “neutral” rating to an “outperform” rating in a report released on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $41.00 price objective on the stock, up from their previous price objective of $34.00. Credit Suisse’s price objective would indicate a potential upside of 24.17% from the stock’s previous close.
The analysts wrote, “While today’s call made it clear that 2014 consensus was likely too high, we heard nothing that changes the earnings potential for 2015 and beyond which is the only reason investors should own shares,” the report noted. “While it may be a bit early to base valuation on 2016 earnings, this is a call for longer term value investors who can weather volatility while the company manages through another transition year. We upgrade to O/P our new TP to $41 is based on a 12x multiple on our 2016E of $3.46. Our 2014E falls to $0.28 (from $0.45) on non-operating items guided to on today’s call (net of pension tailwind & interest headwind vs. our est. was $(0.17) but our 2015 and 2016E of $2.15 and $3.46 are unchanged.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. initiated coverage on shares of Allegheny Technologies in a research note to investors on Tuesday. They set an “underweight” rating on the stock. Separately, analysts at KeyCorp raised their price target on shares of Allegheny Technologies from $40.00 to $44.00 in a research note to investors on Wednesday, January 15th. Finally, analysts at Deutsche Bank downgraded shares of Allegheny Technologies from a “buy” rating to a “hold” rating in a research note to investors on Friday, January 10th. They now have a $36.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $33.80.
Shares of Allegheny Technologies (NYSE:ATI) traded up 3.16% during mid-day trading on Thursday, hitting $33.02. The stock had a trading volume of 3,300,636 shares. Allegheny Technologies has a 52-week low of $25.60 and a 52-week high of $36.70. The stock has a 50-day moving average of $34.2 and a 200-day moving average of $31.07. The company’s market cap is $3.566 billion.
Allegheny Technologies (NYSE:ATI) last announced its earnings results on Wednesday, January 22nd. The company reported ($0.08) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.17) by $0.09. The company had revenue of $915.00 million for the quarter, compared to the consensus estimate of $974.50 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. Analysts expect that Allegheny Technologies will post $-0.35 EPS for the current fiscal year.
Allegheny Technologies Incorporated (NYSE:ATI) is a diversified specialty metals producer.
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