Goldman Sachs Downgrades Timken, Cuts Price Target By 13%

December 13, 2021 6:40 AM | 1 min read

Goldman Sachs analyst Joe Ritchie downgraded Timken Co TKR to Neutral from Buy and lowered the price target to $73 (an upside of 7.18%) from $84.
The analyst sees less potential for the stock to re-rate given peaking ISM concerns.
Ritchie mentions that the stock has underperformed so far in 2021 largely due to price and cost headwinds that are likely to linger into at least the first half of 2022 as a portion of Timken's contracts are multi-year and unlikely to be repriced in 2022.
Also read, Timken Leverages Rollon Brand For Growth In Linear Motion
Price Action: TKR shares are trading lower by 0.69% at $67.65 during the pre-market session on Monday.