UPDATE: JP Morgan Downgrades Allegheny Technologies to Underweight on Stainless Steel Outlook

JP Morgan downgraded Allegheny Technologies Incorporated

from Neutral to Underweight and lowered the price target from $29.00 to $24.00. JP Morgan commented, "We are downgrading ATI to Underweight from Neutral as we believe the market is not appropriately discounting our previously identified stainless steel risks, which in our opinion have only increased in severity over the last three months. A lower price target ($24 from $29) and further cuts to our already Street-low 2013 EPS ($1.00 from $1.60) reflect these adverse domestic stainless steel trends, which support our negative 12-month view on a stock with positive long-term potential." Allegheny Technologies closed at $29.89 on Friday.