JPMorgan Bumps Up Allegheny Price Target Post Q4 Results

JPMorgan analyst Seth Seifman raised the price target on Allegheny Technologies Inc ATI to $26 (an upside of 15.7%) from $23 and reiterated an Overweight rating on the shares post the Q4 results.
Seifman mentions Allegheny's operational results surprised to the upside, with HPMC margins exceeding pre-COVID levels.
Related: Allegheny Stock Surges As Q4 Results Top Street View; Plans $150M Buyback
The analyst says the company continues its exit from its lower margin stainless business while the pension liability shrinks, supporting out-year free cash flow.
Price Action: ATI shares traded higher by 0.04% at $22.47 during the premarket session on Friday.