Timken price target raised to $102 from $88 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Timken to $102 from $88 and keeps an Overweight rating on the shares. The firm notes that shares declined following the company’s Q4 results and 2023 guidance. KeyBanc thinks the decline was driven by guidance that appears conservative relative to still-solid industry conditions and upcoming catalysts from incoming federal spending. Overall, barring a significant second half of 2023 slowdown, the firm thinks Timken’s results are likely to approach or exceed the high end of its new guidance range.