JPMorgan analyst Bennett Moore initiated coverage of Carpenter Technology (CRS) with an Overweight rating and $220 price target The shares have rallied 155% year-tp-date on the back of strong demand, solid execution, and an attractive earnings outlook, but the company is well positioned to capture further upside, the analyst tells investors in a research note. The firm says Carpenter’s pricing power amid a “robust” order backlog, secular demand tailwinds for 80% of its end market exposure levered to its highest-margin products, significant barriers to entry “cementing its role as an indispensable supplier,” and improving cash generation are supportive of growing shareholder returns.
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Read More on CRS:
- Third Point exits Alphabet, cuts stakes in Microsoft, Amazon, Meta, Apple
- Carpenter Technology price target raised to $185 from $165 at BTIG
- Carpenter Technology reports Q1 adjusted EPS $1.73, consensus $1.59
- CRS Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Carpenter Technology Welcomes Howard Yu to Board
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
