In a report published Friday, Goldman Sachs Group initiated coverage on Carpenter Technology Corporation CRS with a Buy rating and $63.00 price target.
Goldman Sachs noted, “We initiate coverage of Carpenter Technologies (CRS), a $2.6bn specialty metals manufacturer focused on the aerospace and industrial markets, with a Buy rating and $63, six-month price target, implying 28% upside. We like Carpenter's (1) margin/volume expansion story, as new aircraft builds have higher-margin alloy content, (2) capacity additions through its recent acquisition of Latrobe and an Athens, Alabama, greenfield project, and (3) growing exposure to oil and gas markets. We see significant, steady earnings expansion over the next several years as the aerospace cycle ramps, which in our view is not fully priced in the stock.”
Carpenter Technology Corporation closed on Thursday at $49.23.
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