JPMorgan Sees Sharp Upside In Carpenter Technology
JPMorgan analyst Michael Glick upgraded Carpenter Technology Corp (NYSE: CRS) to Overweight from Neutral and raised the price target to (an upside of 59.5%) from $52.
Glick mentions that with growing signs of an inflection point in the company's key end market, aerospace, the stock's underperformance since the beginning of 2020 is likely to change in the coming months.
The analyst says his conviction in Carpenter has grown, driven by the Q4 earnings season and the company framing its potential earnings opportunity at a conference earlier this week.
Multiple data points print for the broader aerospace supply chain suggest Carpenter's key end market is inflecting, which should bode well for the trajectory of the company's margins, notes Glick.
Price Action: CRS shares closed higher by 5.84% at $33.19 on Thursday.
Latest Ratings for CRS
Feb 2022 | JP Morgan | Upgrades | Neutral | Overweight |
Jun 2021 | JP Morgan | Initiates Coverage On | Neutral | |
Aug 2020 | Cowen & Co. | Downgrades | Outperform | Market Perform |
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