Timken price target lowered to $97 from $102 at Oppenheimer
The Fly

Timken price target lowered to $97 from $102 at Oppenheimer

Oppenheimer lowered the firm’s price target on Timken (TKR) to $97 from $102 and keeps an Outperform rating on the shares. The firm notes shares fell an eye-catching 12.9% after Timken reported a Q3 miss and revised 2024 guidance. Q3 revenue modestly beat and the miss was largely attributable to one-time-ish items, Oppenheimer says. It also senses updated Q4 guidance leans conservative, with order rates and cost actions supporting moderate upside. More important, the firm views its medium-term thesis as largely unchanged and remain bullish on Timken’s organic plus inorganic prospects to materially accelerate profitable growth.

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