Carpenter Technology price target raised to $250 from $175 at Benchmark

Benchmark raised the firm’s price target on Carpenter Technology (CRS) to $250 from $175 and keeps a Buy rating on the shares. Carpenter’s hyper-growth and margin recovery from the depths of COVID has “been massively impressive,” but the company is now entering “the next phase of the story,” which the firm believes is as a cash generation and yield-focused story with continued growth and margin expansion, the analyst tells investors. The recent pullback following Q3 earnings, due to Boeing (BA) related customers adjusting for the production re-ramp, is “misguided,” the analyst added.