Timken Rating Reiterated by Bank of America (TKR)
Timken (NYSE:TKR)‘s stock had its “neutral” rating restated by Bank of America in a research note issued on Tuesday. They currently have a $70.00 target price on the stock, up from their previous target price of $68.00. Bank of America’s price objective points to a potential upside of 4.90% from the stock’s previous close.
The analysts wrote, “Timken is hosting an investor day on Thursday, June 19th. The day will largely center on the expected separation of Timken and TimkenSteel in advance of the June 30th spin-off date. The big focus will be capital allocation and the fresh targets for the stand-alone entities. We expect Timken to provide updated 2014 guidance to both sides of the business, provide long-term targets, and a detailed capital allocation discussion. We note that TKR’s targets have generally been too optimistic over the last few years, but expect an overall positive event and bump our PO from $68 to $70 based on our updated sum of the parts.”
Shares of Timken (NYSE:TKR) opened at 66.73 on Tuesday. Timken has a 52 week low of $50.22 and a 52 week high of $66.99. The stock has a 50-day moving average of $63.99 and a 200-day moving average of $58.62. The company has a market cap of $6.089 billion and a price-to-earnings ratio of 23.27.
Timken (NYSE:TKR) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.90 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.81 by $0.09. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the company posted $0.80 earnings per share. Timken’s revenue was up 1.3% compared to the same quarter last year. Analysts expect that Timken will post $3.81 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Gabelli upgraded shares of Timken from a “hold” rating to a “buy” rating in a research note on Tuesday, May 6th. They now have a $78.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Timken to $75.00 in a research note on Friday, April 25th. They now have a “buy” rating on the stock. Finally, analysts at KeyCorp downgraded shares of Timken from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. They now have a $70.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $66.81.
The Timken Company (NYSE:TKR) develops, manufactures, markets and sells products for friction management and mechanical power transmission, alloy steels and steel components.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.