Timken upgraded to Buy from Neutral at Citi

Citi analyst Kyle Menges upgraded Timken (TKR) to Buy from Neutral with a price target of $90, up from $85. The firm says it wants to own the shares at current levels ahead of a likely recovery in industrial PMIs in the second half of 2025 and given its thinking that many of Timken’s core machinery end-markets could bottom in 2025. Citi also anticipates more clarity on strategic objectives from new CEO Tarak Mehta to come at an investor day likely in the second half of 2025, the analyst tells investors in a research note. The firm views the stock’s valuation as attractive, noting the shares have not seen the same re-rating post-election as other machinery companies have.