Timken price target lowered to $84 from $85 at Evercore ISI

Evercore ISI analyst David Raso lowered the firm’s price target on Timken (TKR) to $84 from $85 and keeps an Outperform rating on the shares. The firm adjusted models in the machinery group following the Q2 reports. The analyst sees an upward bias to earnings estimates driving further multiple expansion in the sector. Evercore’s top pick in the group is Cummins (CMI).