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Fly News Breaks for January 20, 2017
ATI
Jan 20, 2017 | 06:21 EDT
BofA/Merrill analyst Timna Tanners downgraded Allegheny Technologies two notches to Underperform from Buy and lowered its price target to $16 from $20 to reflect deterioration in narrowbody production outlook and the global nickel price. Tanners said Allegheny has greater exposure to narrowbodies and engines and will be impacted by fewer aircraft built. Further, Indonesia announced it resumed exports of nickel on January 12, resulting in a 5% fall since, and could hurt Allegheny's margins near-term
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