Allegheny Technologies, Inc. (ATI)
by Zacks Equity ResearchDecember 05, 2012 | Comments : 0 Recommended this article: (0)
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The company cut its sales forecast for 2012. While Allegheny is expected to continue benefiting from its new alloys/products and diversified global growth markets, it is contending with a soft economy and raw material cost pressures. Moreover, reduced raw material surcharges and low base prices for standard stainless products are affecting the results of the company's Flat-Rolled Products division.
Our long-term Underperform recommendation on the stock indicates that it will perform below the market. Our price target of $24 is based on 16x our fiscal 2012 earnings estimate.
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