CRS - Carpenter Tech 'flying under the radar' upgraded at J.P. Morgan

Carpenter Technology (CRS +16.1%) soars to six-month highs after J.P. Morgan upgrades shares to Overweight from Neutral with a $53 price target, seeing growing signs of an inflection point in the company's key aerospace end market. Multiple data points from earnings results at Carpenter Tech and close competitor Allegheny Tech as well as the broader aerospace supply chain suggest Carpenter's key end market, aerospace, is inflecting, which should bode well for the trajectory of the company's margins, particularly in FY 2023, according to JPM analyst Michael Glick. Carpenter Tech's "pre-pandemic investments at Reading and additional qualifications at its Athens facility, as well as secular trends for soft magnetics, could pave the way for the company to meaningfully out-earn historic levels in the coming years," Glick writes. Carpenter Tech has "historically generated vast amounts of cash year after year," Carles Diaz Caron writes in a bullish analysis published on Seeking Alpha.

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Carpenter Tech 'flying under the radar,' upgraded at J.P. Morgan