Citi Reiterates 'Buy' Rating on Timken (TKR)
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Citi reiterates a 'Buy' rating on Timken Co (NYSE: TKR). Price target $48.
Citi analyst says, "We see Timken as an interesting value-oriented idea that also has key above average near-term growth opportunities. Timken's largest business segment, its Bearings and Power Transmission Group, has above average growth opportunities over the near term. Key products in TKR's Bearings and Power Transmission Group (large bearings) can outgrow broader industrial economy next 12-months given they've been some of most supply constrained products in the industrial economy. New capacity soon on-stream positions TKR to play catch up. As well, TKR historically has underserved Asia but new capacity soon on-stream will help rectify that. We see an emerging cash flow story at Timken, taking it from sector worst to first."
The Timken Company is a global manufacturer of engineered bearings, alloy and specialty steel and related components.[SM]
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