Oppenheimer lowered the firm’s price target on Timken (TKR) to $97 from $102 and keeps an Outperform rating on the shares. The firm notes shares fell an eye-catching 12.9% after Timken reported a Q3 miss and revised 2024 guidance. Q3 revenue modestly beat and the miss was largely attributable to one-time-ish items, Oppenheimer says. It also senses updated Q4 guidance leans conservative, with order rates and cost actions supporting moderate upside. More important, the firm views its medium-term thesis as largely unchanged and remain bullish on Timken’s organic plus inorganic prospects to materially accelerate profitable growth.
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Read More on TKR:
- Timken price target lowered to $90 from $104 at KeyBanc
- Timken’s Q3 2024 Earnings Report: Key Insights
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- Timken cuts FY24 adjusted EPS view to $5.55-$5.65 from $6.00-$6.20
- Timken reports Q3 adjusted EPS $1.23, consensus $1.38
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