Auriga Reiterates a 'Buy' on Carpenter Technology (CRS); Raising PT & Estimates

Auriga reiterates a 'Buy' on Carpenter Technology (NYSE: CRS) price target raised from $67 to $71.

Analyst, Dan Whalen, said, "CRS reported impressive fiscal 3Q12 EPS results of $0.69 (or $0.84 excluding acquisition related costs) versus our estimate of $0.71 and consensus of $0.69. While the intra-quarter closing of the Latrobe acquisition increased the number of variables versus standard quarters, the management team continues to make progress in its product mix improvements and remains well positioned amongst key end markets such as commercial aerospace and energy. Additionally, management increased fiscal 2012 operating income guidance from a y-o-y increase of 50% to an increase of 70%, which includes about 10 points of growth from the Latrobe assets. All told, we are raising our EPS estimates and price target."

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 $56.49 yesterday.

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