Timken price target raised to $97 from $90 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the firm’s price target on Timken to $97 from $90 and keeps an Outperform rating on the shares. The firm anticipates strong Q2 results from Timken and believes the team is well positioned to achieve the high-end of 2023 guidance ranges. Demand trends remain positive across most end-markets, with a particularly compelling outlook for renewable energy, Oppenheimer adds. The firm is also bullish on sustained growth/secular runway across Timken’s other “newer” markets, including automation, industrial services, marine, food and beverage, and passenger rail applications. Combining near-term earnings upside, confidence in the continued/value-added transformation of the Timken portfolio, and its discounted valuation, it expects further upside for shares.