UPDATE: Bank of America Lowers PT on Timken on Sharp 2H Recovery Being Unlikely
In a report published on Monday, Bank of America analyst Ross Gilardi lowered the price target on Timken (NYSE: TKR) from $68 to $65 and maintained a Buy rating.
In the report, Bank of America stated, "We see further embedded value in Timken and a high probability of a split up and potential larger cash return in the next three months...and believe that forecasts for a sharp 2H rebound need to come down in light of sluggish top-line momentum. We reduce our 2013/15 EPS estimates by 6-12% and our DCF and S-O-P derived PO from $68 to $65."
Timken closed on Friday at $59.75.
Latest Ratings for TKR
|Jul 2016||Avondale Partners||Upgrades||Market Perform||Outperform|
|May 2016||Topeka Capital||Initiates Coverage on||Hold|
|Mar 2016||Goldman Sachs||Downgrades||Buy||Neutral|
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