Jefferies announced on Monday that it has raised its price target on The Timken Company (TKR
The firm has increased its price target on TKR from $65 to $73. This new price target suggests a 16% upside from the stock’s current price of $61.55.
Analyst Stephen Volkmann noted: “We are increasing our estimates and price target based on the anticipation of a more aggressive share repurchase program over the next year.”
“With strong cash flow generation, untapped balance sheet liquidity and potential upside from a cyclical recovery we believe there is additional value for shareholders that has yet to be recognized,” added the analyst.
Looking ahead, the firm has raised its outlook for the third quarter from 90 cents to 92 cents per share. For FY2013, earnings estimates have been increased from $3.70 to $3.75 per share. FY2014 estimates have been raised from $4.30 to $4.60 per share.
Timken shares were mostly flat during Monday morning trading. The stock is up 29% YTD.
No comments:
Post a Comment