Citi Maintains Hold on Carpenter Technology

Citi is out with its report today on Carpenter Technology

, maintaining Hold. In a note to clients, Citi writes, "We rate Carpenter Technology with a Hold/Speculative Risk rating based on its discounted valuation and niche product mix, which is offset by the weakening demand outlook for aerospace and energy markets. Commercial aerospace and energy combined drive an estimated 54% of CRS's net revenues, which in our opinion should exhibit favorable long-term demand growth rates as developing nations industrialize, but the near-term outlook is uncertain." Citi maintains a $49 PT on CRS. Shares of CRS closed Monday at $51.92, up 8.44% from Friday's close.