UPDATE: Bank of America Downgrades The Timken Company to Neutral on Near-Term Growth Concerns

Bank of America reduces its rating on The Timken Company

from Buy to Neutral and lowers its price objective from $62 to $50 Bank of America comments, "We downgrade TKR from a Buy to a Neutral as we expect a more challenged growth environment for the company, which is not yet reflected in consensus estimates. Although the stock has sold off in the past month, we see limited catalysts in the near term relative to our coverage universe, given decelerating growth for the earlier-cycle name and risk of EPS cuts. We cut our EPS estimates below consensus on weaker organic growth, and lower our PO from $62 to $50." TKR closed at $45.95 on Monday.