Goldman Sachs reiterates its Buy rating on Allegheny Technologies ATI and raises its price target up $4 to $59 a share as higher multiples offset lower estimates.
Goldman Sachs notes, "We are lowering our 2012/2013 estimates for ATI to $2.85/$4.50 from $3.20/$5.00, partly due to higher pension costs and partly for lower margin estimates for stainless business. Our new 2012 quarterly estimates are $0.44/$0.81/$0.82/$0.79, revised from $0.64/$0.94/$0.92/$0.70. Our 2012 estimate incorporates an 11% increase in revenue (vs. company guidance of at least 10%) and operating margin of 14.7% (vs. guidance of 13%-14%) as we believe that the company is very conservative in its guidance."
ATI closed at $50.03 a share on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in