UPDATE: KeyBanc Upgrades TimkenSteel (TMST) to Overweight
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KeyBanc analyst Philip Gibbs upgraded TimkenSteel (NYSE: TMST) from Sector Weight to Overweight with a price target of $10.00.
The analyst comments "Post due diligence, we are upgrading shares of TMST to Overweight (from Sector Weight) via a material increase to our 2021-2022E EPS on macro recovery, better pricing (contract and spot), widening raw material spreads, and self-help. Our $10 price target represents 5.3x pension-adjusted EV/EBITDA on our average 2021-2022 recovery expectations vs. a normalized range of 4-7x."
Shares of TimkenSteel closed at $5.95 yesterday.
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