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Fly News Breaks for October 2, 2018
TKR
Oct 2, 2018 | 20:36 EDT
Goldman Sachs analyst Joe Ritchie initiated Timken with a Neutral rating and a price target of $56 as part of his broader research note on SMID industrials that are "setting up for strong end to 2018". The analyst says the company may produce some earnings upside thanks to its "strong short-cycle activity, continued growth in bottom-up capex, ability to generate positive price/cost and tailwinds from capital deployment". Ritchie believes however that Timken is valued "more fully" than its peers given its fewer "self-help opportunities".
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