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

In a report published Wednesday, Topeka Capital Markets initiated coverage on Carpenter Technology Corporation

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.