|By PR Newswire||
|September 19, 2012 09:30 AM EDT|
Here is a synopsis of Allegheny Technologies, Inc. (ATI):
We are maintaining our Underperform recommendation on Allegheny Technologies, Inc. (ATI) following its lackluster second quarter results. Both revenues and earnings missed Zacks Consensus Estimates. Sluggish growth across the U.S. and China, along with fragile economic conditions in Europe, hurt demand for the company's products.
While of Allegheny Technologies is expected to continue benefiting from its new alloys/products and diversified global growth markets, it is contending with a soft economy and raw material cost pressures. Moreover, reduced raw material surcharges and low base prices for standard stainless products are affecting the results of the Allegheny Technologies Flat-Rolled Products division.
Our long-term Underperform recommendation on the Allegheny Technologies (ATI) stock indicates that it will perform below the market. Our price target of $33 is based on 16.7x our fiscal 2012 earnings estimate.
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