Cowen Cuts Price Target Following Allegheny Technologies (ATI) 3Q Results
Cowen maintained a Market Perform rating on Allegheny Technologies (NYSE: ATI), and cut the price target to $18.00 (from $23.00), following the company's 3Q15 earnings report. GAAP EPS of negative $0.29 was in line with the pre-announced range.
Analyst Gautam Khanna commented, "Q3's results and outlook color may finally reset consensus estimates to plausible levels (we were over 50% below consensus prior to today). However, disclosures on the earnings call make us less certain of the stock's rebound prospects. Thus, we've reduced our price target from $23 to $18, reflecting a modest premium to TBV/share."
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Shares of Allegheny Technologies closed at $15.00 yesterday.