Market Overview

UPDATE: Topeka Capital Markets Initiates Allegheny Technologies at Buy on Fundamentals

Share:
Related ATI
Mid-Morning Market Update: Markets Mostly Lower; Target Q3 Profit Beats Views
Mid-Day Market Update: Dow Rises 50 Points; Logitech Shares Gain On Earnings Beat

Topeka Capital Markets initiated coverage on Allegheny Technologies (NYSE: ATI) with a Buy rating and a $39 price target.

Topeka Capital Markets noted, "As a leading specialty metals producer, the Company should benefit from both cyclical and secular drivers in both the commercial aerospace and energy markets as well as an eventual re-acceleration in the broader economic recovery. ATI has numerous initiatives to continue to improve its product mix, cost structure and its production capabilities. While the stainless steel business has experienced significant headwinds, we believe the worst of the decline is behind the Company. Additionally, given the lean inventory levels we believe even modest improvements in economic conditions should result in stronger fundamentals."

Allegheny Technologies closed at $28.50 on Monday.

Latest Ratings for ATI

DateFirmActionFromTo
Sep 2016Seaport GlobalInitiates Coverage onBuy
Aug 2016Deutsche BankUpgradesHoldBuy
May 2016Bank of AmericaUpgradesUnderperformBuy

View More Analyst Ratings for ATI
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (ATI)

View Comments and Join the Discussion!