Citi Maintains Sell on Allegheny Technologies

Citi is out with its report today on Allegheny Technologies ATI, maintaining Sell. In a note to clients, Citi writes, "We have offset the 2Q beat with a $0.05/sh reduction to our 4Q11 EPS estimate, resulting in the same 2011 estimate of $2.65. We are maintaining our Sell/High-Risk rating based primarily on valuation and the view that consensus estimates remain too optimistic, a headwind for ATI shares." Citi maintains a $49 PT. Shares of ATI closed Wednesday at $60.73, down 4.99% from Tuesday's close.