ATI price target raised to $105 from $90 at BTIG

BTIG analyst Andre Madrid raised the firm’s price target on ATI (ATI) to $105 from $90 and keeps a Buy rating on the shares. The company’s Defense business growth remains robust on the back of naval nuclear propulsion, the analyst tells investors in a research note, adding that the Global Industry Classification Standard reclassification should serve as a catalyst for ATI to trade more in line with its higher-multiple Aerospace & Defense peers. While Boeing (BA) continues to destock, ATI and the industry are well-positioned to avoid the impact, the firm added.