UPDATE: Credit Suisse Raises PT on Carpenter Technology Following Management Meeting

In a report published Monday, Credit Suisse analyst Julie Yates Stewart reiterated an Outperform rating on

, and raised the price target from $62.00 to $72.00. In the report, Credit Suisse noted, “Following a tour of Reading & meeting with management, we feel incrementally more confident in the L-T CRS story and our above Street EPS forecast given the self-help opportunities, capacity additions, & nearing FCF inflection. CRS expressed cautious optimism on improving demand and comfort with its L-T targets, where we see potential upside. Our 12-mth TP rises to $72 as we now value CRS on our CY'15E (FY'2).” Carpenter Technology Corporation closed on Friday at $56.70.