In a report published Friday, Jefferies reiterated its Hold rating on The Timken Company TKR, and raised its price target from $45.00 to $50.00.
Jefferies noted, “TKR reported 4Q EPS of $0.81 ex. items, vs. our $0.58E and consensus of $0.62 -- although LIFO income (~$0.15) and a lower than expected tax rate (~$0.11) accounted for the entire beat. Sales were nearly 7% above expectations driven by better than expected Steel volumes, but ex-LIFO margins were below our model, also driven by steel. 2013 guidance of $3.75-$4.05 on a 5% decline in sales compares to consensus of $4.30 on flat y/y sales.”
The Timken Company closed on Thursday at $52.35.
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