UPDATE: Goldman Sachs Upgrades RTI International Metals to Neutral on Subsiding Headwinds
Goldman Sachs raised its rating on RTI International Metals (NYSE: RTI) from Sell to Neutral and increased its price target from $20 to $27.
Goldman Sachs noted, "Three key headwinds drove our Sell rating on RTI: (1) rising raw material prices squeezing margins on fixed price contract business, (2) expected defense budget cuts, and (3) inventory destocking in the titanium supply chain. We see the impact of these headwinds receding and upgrade the stock to Neutral from Sell. Since being added to the Sell List on July 13, 2011, RTI is down 39.1% versus the S&P 500 up 7.2%."
RTI International Metals closed at $22.79 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.