UPDATE: KeyBanc Initiates Park-Ohio Holdings at Buy with $27 PT on Portfolio

KeyBanc initiated coverage on Park-Ohio Holdings

with a Buy rating and a $27 price target. KeyBanc noted, "In our view, PKOH is characterized by an experienced management team and a unique collection of assets in its Supply Technologies, Engineered Products and Assembly Components segments, many of which are sole or dominant suppliers in their respective niches. Over time, the portfolio has grown both organically and via acquisition, and to that point PKOH recently completed a large deal by purchasing Fluid Routing Systems (FRS). Concurrently, PKOH has been repositioning its aluminum castings business into a more efficient operation. In our view, both of these initiatives should contribute to stabilizing and improving EPS and cash flow in coming quarters and years." Park-Ohio Holdings closed at $19.90 on Thursday.