Analysts Slash Timken Price Targets On Withdrawn Outlook

Jefferies analyst Stephen Volkmann lowered Timken Co's TKR price target to $100 from $110 (implying an upside of 46.2%) and maintained a Buy rating on the shares.
Volkmann lowered the price target after the company announced that it expects sales and earnings to be lower in the second half than previously forecasted due to continued disruptions with customers, supply chain, and inflationary pressures.
However, he notes that the company called out strong demand and expects the highlighted headwinds to fade into 2022.
Also, Evercore ISI analyst David Raso lowered the company's price target to $78 from $87 and kept an In-Line rating on the shares after he cut his sales and EPS estimates after the company pulled its 2021 guidance.
Yesterday, Timken withdrew its full-year 2021 financial outlook, last updated on August 2, 2021.
Price Action: TKR shares closed lower by 3.38% at $68.04 on Thursday.

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