Deutsche Bank Downgrades Allegheny Technologies (ATI) to Hold

Deutsche Bank downgraded Allegheny Technologies (NYSE: ATI) from Buy to Hold with a price target of $15.00 (from $20.00). The change follows its Q3 miss.

Analyst Jorge Beristain said, "We update our model to include Allegheny Technologies' significant 3Q15 results miss and guidance push. The company clearly faces a weaker-thanexpected stainless steel pricing environment as demand in its Flat Rolled products missed sharply. Further, we question when management will hit projected numbers as expected recoveries continue to be "pushed" over the horizon in what is becoming an all-too-familiar pattern. We cut our Price Target by $5 to $15 on EBITDA cuts and lower our rating back to Hold from Buy reverting to a "wait and see" position on ATI's long-awaited delivery story."

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 $15.00 yesterday.

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