Timken price target raised to $100 from $95 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the firm’s price target on Timken to $100 from $95 and keeps an Outperform rating on the shares. Countering the relatively high “bar” now in place for many industrial names, the firm believes Timken faces beatable 2024 growth expectations and offers clearly supportive valuation. Industrial distribution and China headwinds appear well understood by investors, comps notably ease into the second half of the year, and Timken should be an outsized beneficiary of short-cycle recovery over the coming quarters, Oppenheimer adds.