UPDATE: Bank of America Merrill Lynch Reinstates Coverage on The Timken Company with Neutral Rating, $54 PT
In a report published Friday, Bank of America Merrill Lynch reinstated coverage on The Timken Company (NYSE: TKR) with a Neutral rating and $54.00 price target.
Bank of America Merrill Lynch noted, “We support Timken's long-term strategy of focusing on price over volume, higher returns, and better business mix. We continue to view Timken as an integrated bearings company with low likelihood of a steel spin-off. The steel business generates higher returns than many investors realize, but is still likely to weigh on earnings recovery in coming years due to accelerating supply growth in the speciality steel market.”
The Timken Company closed on Thursday at $50.03.
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