UPDATE: Cowen Downgrades Allegheny Technologies (ATI) to Market Perform
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(updated to add analyst comments)
Cowen analyst Gautam Khanna downgraded Allegheny Technologies (NYSE: ATI) from Outperform to Market Perform, price target $11.00.
The analyst commented, "We are downgrading our rating on ATI's stock to Market Perform from Outperform, with an unchanged $11 PT. ATI faces an extended de-stock from excessive downstream aero Ti inventory, & incrementally, pricing pressure will intensify from challenged competitors in "spot" markets. These factors are apt to keep a lid on the stock."
Shares of Allegheny Technologies closed at $9.32 yesterday.
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