Cowen Upgrades Allegheny To Outperform, Sees Sharp Upside

Cowen analyst Gautam Khanna upgraded Allegheny Technologies Inc ATI to Outperform from Market Perform and raised the price target to $23 (an upside of 19%) from $22.
Khanna states that the Aerospace production "should see better days" in 2022 as de-stocking is over, A320/737Max rate hikes will occur, 787 deliveries should resume in the first half of the year, and travel passengers adapt to an endemic COVID world.
The analyst believes these dynamics should drive a "much better" 2022 for Allegheny's "high margin, HPMC segment."
Recently, Berenberg upgraded Allegheny to Buy from Hold.
Price Action: ATI shares are trading higher by 5.23% at $19.33 on the last check Tuesday.