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Fly News Breaks for September 26, 2019
TKR
Sep 26, 2019 | 06:37 EDT
BofA/Merrill analyst Ross Gilardi downgraded Timken to Underperform with a price target of $41, saying the consensus Street estimates are "too optimistic". The analyst warns that the company has been "too aggressive" on the M&A front over the past 3-5 years, which poses a risk to its performance in the event of an economic downturn. Gilardi also lowers his 2020-2021 earnings estimates by 11%-12% and notes that his price target assumes a 9-times expected FY20 earnings multiple.
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