Allegheny Technologies price target raised to $53 from $48 at KeyBanc After meeting with Allegheny's management, KeyBanc reports that the company is seeing evidence of improving demand. The firm expects the company to generate strong free cash flow in 2015 and 2016. It is now more confident in the company's long-term outlook and reiterates a Buy rating.
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.