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UPDATE: Jefferies Upgrades Timken to Buy, Raises PT on Multiple Value Paths

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In a report published Wednesday, Jefferies analyst Stephen Volkmann upgraded the rating on The Timken Company (NYSE: TKR) from Hold to Buy, and raised the price target from $50.00 to $65.00.

In the report, Jefferies noted, “We upgrade TKR shares to BUY as we see multiple paths to value. A Board decision regarding a potential spin of the Steel business is expected by June 21st. We still see a sum of the parts valuation in the mid $60s, supported now by a deep dive in cooperation with our Steel team in this report. Alternatively, we see significant potential for share repurchases and higher dividends and still see cyclical upside when destocking ends.”

The Timken Company closed on Tuesday at $55.91.

Latest Ratings for TKR

DateFirmActionFromTo
Nov 2020B of A SecuritiesMaintainsBuy
Nov 2020KeyBancMaintainsOverweight
Oct 2020Morgan StanleyMaintainsEqual-Weight

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View the Latest Analyst Ratings

 

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Posted-In: Jefferies Stephen VolkmannAnalyst Color Upgrades Analyst Ratings

Latest Ratings

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HYMCBMO CapitalInitiates Coverage On
DEMorgan StanleyMaintains335.0
SBNYRaymond JamesMaintains138.0
CORTHC Wainwright & Co.Maintains32.0
CYBBFCitigroupDowngrades
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