UPDATE: Topeka Capital Markets Initiates Allegheny Technologies at Buy on Fumdamentals

Topeka Capital Markets initiated coverage on Allegheny Technologies

with a Buy rating and a $39 price target. Topeka Capital Markets noted, "As a leading specialty metals producer, the Company should benefit from both cyclical and secular drivers in both the commercial aerospace and energy markets as well as an eventual re-acceleration in the broader economic recovery. ATI has numerous initiatives to continue to improve its product mix, cost structure and its production capabilities. While the stainless steel business has experienced significant headwinds, we believe the worst of the decline is behind the Company. Additionally, given the lean inventory levels we believe even modest improvements in economic conditions should result in stronger fundamentals." Allegheny Technologies closed at $28.50 on Monday.