Timken price target lowered to $91 from $102 at KeyBanc

KeyBanc analyst Steve Barger lowered the firm’s price target on Timken to $91 from $102 and keeps an Overweight rating on the shares. The firm notes the shares were down 0.5% vs. the S&P 500’s gain of 1.1% on Wednesday following its Q3 results and conference call. KeyBanc thinks the decline was driven by Timken’s top- and bottom-line miss and guide down in the quarter, primarily driven by softer China Wind demand and continued destocking efforts through industrial channels.