UPDATE: JP Morgan Upgrades Carpenter Technology to Overweight on Sustainable Materials Growth

JP Morgan raised its rating on Carpenter Technology

from Neutral to Overweight and increased its price target from $66 to $70. JP Morgan said, "We believe CRS should post strong sustainable earnings growth and that its stock should outperform the group in various macro environments due to its focus on the secular growth themes in the aerospace and energy markets. While Friday's announcement out of China that it will increase infrastructure spending helped lift the metals and mining names (including CRS), we believe investors will begin to view CRS' stock as more of a growth stock in materials than just a metals play." Carpenter Technology closed at $50.55 on Friday.