UPDATE: J.P. Morgan Upgrades RTI International Metals; Raises PT
According to a research report published this morning, J.P. Morgan has upgraded RTI International Metals (NYSE: RTI) from Underweight to Neutral, and raised PT from $20 to $24.50.
In the report, J.P. Morgan commented, "We are upgrading shares of RTI to Neutral from Underweight and raising our price target to $24.50 from $20 as fewer downside risks to 2012 merit a greater focus on 2013 earnings growth. Specifically, while legacy assets continue to face weak Ti mill selling prices and underutilized fabrication capacity, recent downstream acquisitions add much needed growth to offset these headwinds. Moreover, a key tenant of our prior thesis, margin compression from raw material inflation, now appears to have run its course after RTI's disappointing initial 2012 outlook in early February."
RTI International Metals closed yesterday at $21.67.
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