Rosenblatt Remains Bullish on Allegheny Technologies (ATI) Following Recent Survey

Rosenblatt reiterated a Buy rating and $23.00 price target on Allegheny Technologies (NYSE: ATI) as shares come under pressure. The share price has come under extreme pressure over the past 2-3 weeks, related to uncertainties surrounding the global macroeconomic environment and general aversion to the metals & mining space. The final results from a 1Q16 stainless steel survey showed a continued challenging marketplace for companies levered to sheet, plate and bar production.

Analyst Chris Olin commented, "We believe Allegheny Technologies (ATI) represents a high-risk, but highreward option for investors. The share price has come under extreme pressure over the past 2-3 weeks, related to uncertainties surrounding the global macroeconomic environment and general aversion to the metals & mining space. Nevertheless, we remain focused on the three positives which suggest there is a continued line of sight to $2.00 of EPS by 2017: (1) the building aerospacerelated order momentum evident from our recent survey work; (2) lessened demand & price headwinds within the domestic metal markets; and (3) the management team’s strategic decision to idle the hot-end of the commodity stainless steel operations."

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 $8.25 yesterday.

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