UPDATE: Bank Of America Reiterates On Timken Ahead Of Investor Day

In a report published Tuesday, Bank of America analyst Ross Gilardi reiterated a Neutral rating on

, and raised the price target from $68.00 to $70.00. In the report, Bank of America noted, “Timken is hosting an investor day on Thursday, June 19th. The day will largely center on the expected separation of Timken and TimkenSteel in advance of the June 30th spin-off date. The big focus will be capital allocation and the fresh targets for the stand-alone entities. We expect Timken to provide updated 2014 guidance to both sides of the business, provide long-term targets, and a detailed capital allocation discussion. We note that TKR's targets have generally been too optimistic over the last few years, but expect an overall positive event and bump our PO from $68 to $70 based on our updated sum of the parts.” Timken closed on Monday at $66.65.