Carpenter Technology post-earnings selloff overdone, says JPMorgan

JPMorgan says Carpenter Technology (CRS) shares post earnings given comments that Boeing (BA) suppliers are taking a “wait and see” approach. The firm views the selloff as overdone and sees an attractive entry point, believing Carpenter’s long-term outlook “remains sturdy, even if air pockets persist for another 1-2 quarters.” JPMorgan we feels the company’s “protective moat and robust backlog” should drive further upside next year and keeps an Overweight rating on the shares with a $235 price target.