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 comments on cost reduction program The company says, "Cost reduction remains a strategic focus and we have targeted a minimum of $100M in new gross cost reductions for 2015. Our operations achieved $25M in gross cost reductions during the first quarter 2015. These cost reductions will benefit ATI operations over the rest of 2015."