BofA/Merrill Lynch Double Upgrades Allegheny Technologies (ATI) to Buy
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BofA/Merrill Lynch upgraded Allegheny Technologies (NYSE: ATI) from Underperform to Buy with a price target of $24.00 (from $16.00).
Analyst Timna Tanners says upcoming catalysts over the coming six months are:
- Boeing and Airbus ramp of 737max and A320neo,
- expect smarket share gains from ARNC isothermal forge delays,
- expected retirement of 40% of the FRP workforce over five years; and
- better commodity values boosting FRP’s Q4.
Shares of Allegheny Technologies closed at $20.51 Friday.
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