JPMorgan raised the firm’s price target on Carpenter Technology (CRS) to $305 from $245 and keeps an Overweight rating on the shares. The firm says pricing power “remains a pillar” of its thesis on the shares and that management in a recent meeting reinforced that the company is likely still in the early innings. Carpenter, which is expected to outperform peers on both relative sales and EBITDA growth, has not re-rated to the extent justified, the analyst tells investors in a research note. The company “has more opportunities for a bite at the apple when it comes to pricing” relative to peer ATI (ATI), JPMorgan contends.
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Read More on CRS:
- Carpenter Technology price target raised to $305 from $230 at TD Cowen
- Carpenter Technology price target raised to $300 from $250 at Benchmark
- Carpenter Technology price target raised to $275 from $255 at BTIG
- Jefferies aerospace/defense analysts hold an analyst/industry conference call
- Carpenter Technology management to meet with BTIG
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