Barclays Analyst Raises Price Target for Ati by 27.3% and Maintains Strong Buy Rating

Barclays's David Strauss raised their price target on Ati (NYSE: ATI) by 27.3% from $55 to $70 on 2024/05/06. The analyst maintained their Strong Buy rating on the stock.

In their research note, Strauss attributed the price target hike to an update of their Ati model based on the company's Q1 2024 earnings report, which was released on April 30, 2024. This positive revision suggests that Strauss is optimistic about Ati's future prospects.

Strauss also made several price target changes to other names in their portfolio on the same day. They raised their price target on Woodward Inc by 25%, from $140 to $175, while maintaining their Hold rating. Howmet Aerospace Inc saw a 30.8% increase in their price target, from $65 to $85, with the analyst maintaining their Strong Buy rating. Similarly, Leidos Holdings Inc had its price target raised by 10.3%, from $145 to $160, with a Strong Buy rating being retained.

It's worth noting that according to WallStreetZen, Barclays analyst David Strauss is ranked in the top 14% among all Wall Street analysts, out of a total of 4,575 analysts. With an average return of 13.3% and a 70% win rate, Strauss specializes in the Industrials and Technology sectors.

As for Ati, the consensus among analysts is that the company's upcoming year will deliver earnings per share (EPS) of $1.15. If these analysts are correct, Ati's next yearly EPS will be down by 63.9% on a year-over-year basis. This suggests some caution regarding the company's financial performance in the near term.

Despite this, Ati's stock has been performing well. Since their last quarterly report on March 31, 2024, the stock price has increased by 15.5%. On a year-over-year basis, the stock is up by an impressive 56.6%. These figures indicate that Ati has been outpacing the broader market, with the S&P 500 only showing a 25.2% increase during the same period.

Allegheny Technologies Incorporated, commonly known as Ati, is a company that specializes in producing titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, and other specialty metals. Their key markets include aerospace and defense, oil & gas, chemical processing, electrical energy, and medical device manufacturing. Founded in 1996, Ati is headquartered in Pittsburgh, PA.

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