Truist lowered the firm’s price target on Barnes Group to $23 from $37 and keeps a Hold rating on the shares after its Q3 earnings miss. The company’s MB Aero acquisition now appears to be more dilutive than originally anticipated, with dilution guided to continue in 2024, while its Industrial restructuring continues to expand in scope as end market concerns, particularly in automotive, come into focus, the analyst tells investors in a research note. Barnes’ valuation is heavily discounted vs. peers, but it is difficult to have confidence in near-term upside as the company attempts to execute on large-scale restructuring, the firm added.
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