UPDATE: Deutsche Bank Upgrades Allegheny Technologies to Buy, Shares Undervalued

Deutsche Bank raises its rating on Allegheny Technologies

from Hold to Buy and maintains its price target at $50. Deutsche Bank notes, "We are upgrading ATI from Hold to Buy; PT $50 (unchanged). YTD, ATI shares have underperformed specialty & commodity peers (-30%; -15%). We think this ignores positives for end markets and company improvements. Aerospace demand, growth initiatives, product innovation and streamlining should support ATI shares. ATI now trade at 5x 2013e EBITDA ests, essentially in line with commodity peers and below specialty peers (6x) and its historical avg (7x). At current levels, ATI has substantial upside to our PT of $50." ATI closed at $28.22 on Wednesday.