Topeka Capital Starts Allegheny Technologies (ATI) at Buy

December 18, 2012 7:58 AM EST
Get Alerts ATI Hot Sheet
Price: $17.06 +2.16%

Rating Summary:
    7 Buy, 9 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Topeka Capital initiates coverage on Allegheny Technologies (NYSE: ATI) with a Buy. PT $39.00.

The firm comments, "As a leading specialty metals producer, the Company should benefit from both cyclical and secular drivers in both the commercial aerospace and energy markets as well as an eventual re-acceleration in the broader economic recovery. ATI has numerous initiatives to continue to improve its product mix, cost structure and its production capabilities. While the stainless steel business has experienced significant headwinds, we believe the worst of the decline is behind the Company. Additionally, given the lean inventory levels we believe even modest improvements in economic conditions should result in stronger fundamentals. As this business strengthens and major commercial aircraft programs ramp production, we believe the Company is well positioned for future growth."

For an analyst ratings summary and ratings history on Allegheny Technologies click here. For more ratings news on Allegheny Technologies click here.

Shares of Allegheny Technologies closed at $28.50 yesterday.

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