Fly News Breaks for May 6, 2019
May 6, 2019 | 09:12 EDT
As previously reported, Buckingham analyst Richard Safran downgraded Allegheny Technologies to Neutral from Buy as he thinks consensus for 2019/2020 are too high, and given negative sentiment that could cause the stock to be range bound through Q3. While the analyst acknowledges that Allegheny is a "terrific long-term story," he notes that issues in and out of the company's control have caused the near-term story to worsen. Safran also lowered his price target on the shares to $27 from $40.
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