Timken (TKR) PT Raised to $45 at Jefferies Following 2Q Results

Jefferies analyst Stephen Volkmann reiterates Hold rating and raises price target on Timken Company (NYSE: TKR) to $45 (from $38), as the company reported 2016 fourth quarter EPS results above consensus estimates, driven by order trend and customer inquiry improvements.

Volkmann comments, "TKR reported 4Q EPS of $0.47, ex. charges, vs. Jefferies and Consensus estimates of $0.45, while revenues were down ~8% from 4Q15 vs. Consensus expectations of down ~10%. 2017 adjusted EPS guidance of $2.05-$2.15 assumes flat sales and a $0.15 benefit from a pension accounting change. While TKR noted improvements in order trends and customer inquiries, the company believes it's too early to factor in a meaningful end market recovery."

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