Carpenter Technology price target raised to $300 from $250 at Benchmark

Benchmark analyst Josh Sullivan raised the firm’s price target on Carpenter Technology (CRS) to $300 from $250 and keeps a Buy rating on the shares. The firm cites near-term, positive indications from Boeing (BA) on the general direction of production rates and continued aerospace aftermarket strength as well as Carpenter’s positioning at the beginning of the aero supply chain, which allows it to be agnostic, for its raised target. Carpenter is “the 800-pound gorilla for a specific layer of aerospace alloys,” and the $400M Athens VIM investment is adding the only real capacity to a long-term structurally short alloy market, the analyst tells investors.