Auriga Reiterates a 'Buy' on Carpenter Technology (CRS); Ongoing Mix Improvement Initiatives Drive EPS Surprise
Tweet
Share
E-mailGet Alerts CRS Hot Sheet
Price: $544.59 +1.68%
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Join SI Premium – FREE
Auriga reiterates a 'Buy' on Carpenter Technology (NYSE: CRS) price target raised to $67.00.
Auriga analyst says, "This is the company's fourth consecutive positive earnings surprise. Revenue results were essentially in-line with our expectations with product mix improvement driving higher than anticipated gross margins. We believe CRS remains particularly well positioned given its lack of exposure to flat-rolled products, which are more sensitive to shorter-cycle end markets. We believe the company will also continue to benefit from its key end markets, most notably commercial aerospace and energy, which have both cyclical and secular drivers. We note, rig rates remain at elevated levels and the aerospace OEMs (i.e. Boeing and Airbus) have healthy backlogs representing approximately seven years of production."
For an analyst ratings summary and ratings history on Carpenter Technology click here. For more ratings news on Carpenter Technology click here.
Shares of Carpenter Technology closed at $55.44 yesterday.
Auriga analyst says, "This is the company's fourth consecutive positive earnings surprise. Revenue results were essentially in-line with our expectations with product mix improvement driving higher than anticipated gross margins. We believe CRS remains particularly well positioned given its lack of exposure to flat-rolled products, which are more sensitive to shorter-cycle end markets. We believe the company will also continue to benefit from its key end markets, most notably commercial aerospace and energy, which have both cyclical and secular drivers. We note, rig rates remain at elevated levels and the aerospace OEMs (i.e. Boeing and Airbus) have healthy backlogs representing approximately seven years of production."
For an analyst ratings summary and ratings history on Carpenter Technology click here. For more ratings news on Carpenter Technology click here.
Shares of Carpenter Technology closed at $55.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- LeonaBio (LONA) Price Target Cut to $17 by Citizens Amid Pipeline Development
- Keefe, Bruyette & Woods Starts Columbia Financial Inc (CLBK) at Outperform
- Keefe, Bruyette & Woods Downgrades Crescent BDC (CCAP) to Market Perform
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Auriga, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
