Timken initiated with a Neutral at Citi

Citi initiated coverage of Timken with a Neutral rating and $90 price target While investor interest in short-cycle machinery names has increased, Citi prefers to remain selective amongst short cycle stocks amid the current macro environment, the analyst tells investors in a research note. The firm cites Timken’s lower exposure to secular markets and its “muted” outlook for the other 70% of its portfolio for the Neutral rating.