Market Overview

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

Share:
Related ATI
Mid-Morning Market Update: Markets Mostly Lower; Lowe's Beats Q1 Expectations
Mid-Afternoon Market Update: Dow Drops Over 50 Points; Edwards Lifesciences Shares Rise Following Positive Trial

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
May 2016Bank of AmericaUpgradesUnderperformBuy
Apr 2016Cowen & CompanyInitiates Coverage onMarket Perform
Mar 2016BerenbergInitiates Coverage onHold

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!