UPDATE: Topeka Capital Markets Initiates Precision Castparts with Buy on Good Market Position

In a report published Thursday, Topeka Capital Markets analyst Daniel Whalen initiated coverage on Precision Castparts Corp.

with a Buy rating and $255.00 price target. In the report, Whalen noted, “We are initiating coverage of Precision Castparts with a Buy rating and $255 price target. As an integrated global manufacturer of complex metal components and products, PCP is well positioned to benefit from key end markets most notably commercial aerospace. The Company will also benefit from its recent acquisition of Timet. We believe PCP will remain acquisitive to supplement organic growth and further optimize its operating structure. While we acknowledge near-term macro headwinds, we believe its product mix and end market exposure better enable PCP to endure the near-term environment, while remaining well positioned to capitalize on trends over the next 12-18 months.” Precision Castparts Corp. closed on Wednesday at $211.50.