KeyBanc lowered the firm’s price target on Timken (TKR) to $90 from $104 and keeps an Overweight rating on the shares. The firm notes shares saw a sharp decline following its Q3 results and conference call. KeyBanc thinks the decline was driven by Timken’s Q3 miss, implied Q4 guidance that came in below consensus, and cautious early commentary for 2025. Given those dynamics, the firm is reducing estimates and price target while maintaining its rating.
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