Cowen & Co. Maintains Their Buy Rating on Allegheny Technologies

By Carrie Williams

In a report released today, Gautam Khanna from Cowen & Co. maintained a Buy rating on Allegheny Technologies (NYSE: ATI), with a price target of $35. The company’s shares opened today at $25.73.

According to TipRanks.com, Khanna is a 5-star analyst with an average return of 14.7% and a 73.3% success rate. Khanna covers the Consumer Goods sector, focusing on stocks such as Transdigm Group Inc, Huntington Ingalls, and Vista Outdoor.

Currently, the analyst consensus on Allegheny Technologies is Moderate Buy and the average price target is $31, representing a 20.5% upside.

In a report issued on March 29, Barclays also initiated coverage with a Buy rating on the stock with a $33 price target.

Based on Allegheny Technologies’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $910 million and quarterly net profit of $1.7 million. In comparison, last year the company earned revenue of $866 million and had a net profit of $17.5 million.

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Allegheny Technologies, Inc. engages in the manufacture of specialty materials and components for different industries which include aerospace and defense, oil and gas, chemical process, and electrical energy. It operates through the High Performance Materials and Components (HPMC) and Flat Rolled Products (FRP) segments.