Allegheny Technologies upgraded to Outperform from Neutral at Credit Suisse Credit Suisse upgraded Alleghany due to recent share weakness, limited downside, improved liquidity, and upcoming positive free cash flow. Price target raised to $41 from $34.
Allegheny Technologies sees FY15 CapEx approx. $290M Sees FY15 pre-tax retirement benefit expense about $78M. Expects PQ titanium sponge qualification costs to impact first half 2015 operating profit and costs attributable to production inefficiencies to impact the second half 2015 until optimum utilization levels are achieved.