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Fly News Breaks for June 10, 2019
TKR
Jun 10, 2019 | 07:51 EDT
Morgan Stanley analyst Courtney Yakavonis initiated Timken with an Equal Weight rating and $54 price target, stating that while she is constructive on the half of its business that is longer-cycle, she is cautious on the company's short-cycle exposure in Autos, Heavy Truck and Off Highway. Yakavonis notes that the Timken's relative valuation is now "significantly discounted" and she thinks the stock should re-rate versus peers as the short cycle rolls over.
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