JPMorgan raised the firm’s price target on Carpenter Technology (CRS) to $465 from $394 and keeps an Overweight rating on the shares as part of a fiscal Q3 report preview. The stock’s recent outperformance relative to peers is warranted given engine demand’s “relative insulation” from Middle East risks along with “potential kickers” from incremental defense orders, the analyst tells investors in a research note. JPMorgan continues to view Carpenter as a “core” holding given its relative earnings visibility.
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