Carpenter Technology price target raised to $305 from $245 at JPMorgan

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.