- Evercore ISI analyst David Raso upgraded Timken Co (NYSE:TKR) to Outperform from In-Line and raised the price target to $78 (an upside of 12.9%), from $76.
- Raso downgraded Oshkosh Corp (NYSE:OSK) from Outperform to In-Line and set a price target of $124 (an upside of 7.4%).
- With Q4 earnings season “largely complete” for the Industrial Machinery names he covers, Raso notes that most companies posted EPS beats on revenues overpowering weak margins.
- The analyst is swapping small-to-mid cap exposure from Oshkosh to Timken on relative valuation after earnings as he downgrades the former to In-Line and upgrades the latter.
- Raso mentions that the target multiples across the group have been lowered to reflect higher interest rates and slightly lowered 2022 EPS estimates.
- Price Action: TKR shares are trading higher by 4.74% at $69.11 and OSK up by 1.56% at $115.49 on the last check Tuesday.
Vladimir Putin Says Russia Has ‘Competitive Advantages’ With Crypto Mining As Central Bank Calls For Ban
Russian President Vladimir Putin’s recent statements have offered hope that the complete ban on cryptocurrencies proposed by the country's central bank will not take effect as planned.
