Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Downgrades Allegheny Technologies


Merrill downgrades specialty materials producer Allegheny Technologies (ATI) to neutral from buy on valuation.

Analyst Daniel Roling says the stock has recently achieved and exceeded his $25 price objective. While outlook for Allegheny remains positive, given its exposure to aerospace, military and energy industries, and benefits from J&L Stainless acquisition, he thinks valuation appears full relative to peer group.

He notes market bias has also turned negative, and stainless pricing appears to have flattened out. He looks for continued improvement at Allegheny for both earnings per share growth and balance sheet repair.

However, given current market environment and valuation, Roling thinks the shares are fully valued.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus