UPDATE: Loop Capital Starts Timken (TKR) at Hold
Get Alerts TKR Hot Sheet
Rating Summary:
6 Buy, 10 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Loop Capital analyst Chris Dankert initiates coverage on Timken (NYSE: TKR) with a Hold rating and a price target of $72.00.
The analyst comments "We are initiating coverage of TKR with a Hold rating, $72 PT (12.9x our CY22 EPS forecast or 8.2x CY22 EBITDA). Near term, TKR is facing headwinds from supply chain issues, labor availability, weak price/cost, and manufacturing/factory loading inefficiencies which resulted in the company pulling CY21 guidance and are likely to drive meaningful cuts to consensus estimates. However, we are highly constructive on the medium- to longer-term story as strong end demand is expected to continue into 2022, while price/cost should flip to a tailwind, and there is an increasing likelihood of upside from M&A. We could look to get more positive following a full reset to expectations with the CY3Q call and/or further retrenchment in the shares."
For an analyst ratings summary and ratings history on Timken click here. For more ratings news on Timken click here.
Shares of Timken closed at $65.53 yesterday.
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