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UPDATE: Topeka Capital Markets Initiates Coverage on Carpenter Technology Corporation with Buy Rating, $70 PT

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In a report published Wednesday, Topeka Capital Markets initiated coverage on Carpenter Technology Corporation (NYSE: CRS) with a Buy rating and $70.00 price target.

Topeka Capital Markets noted, “We are initiating coverage of Carpenter Technology with a Buy rating and $70 price target. As a top-tier specialty metals company, CRS is well-positioned to benefit from recovering key end markets, capacity expansion initiatives and ongoing product mix improvements. Many of the key end markets, most notably commercial aerospace and energy, have both cyclical and secular drivers. Capacity expansions are being driven both by acquisitions and internal growth programs, which are benefiting ongoing product mix improvement initiatives. We believe the Company's exposure to longer-cycled end markets, a higher value-added product mix and the lack of exposure to flat-rolled products better positions the Company relative to peers.”

Carpenter Technology Corporation closed on Tuesday at $51.07.

Latest Ratings for CRS

DateFirmActionFromTo
Apr 2015Sterne AgeeDowngradesBuyNeutral
Jan 2015Cowen & CompanyDowngradesOutperformMarket Perform
Oct 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for CRS
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Initiation Analyst Ratings

 

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