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Allegheny, Carpenter Tech tumble as Cowen sees tough times in aerospace (NYSE:ATI)

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Allegheny Technologies (ATI -4.5%) and Carpenter Technology (CRS -7.2%) are plunging after Cowen downgraded both to Market Perform from Outperform, seeing a tough aerospace transition ahead with excessive inventory and spot pricing under pressure.

Allegheny’s 2019 titanium shipment volumes to Boeing may not be matched until 2023 or later given lower production rates, says Cowen analyst Gautam Khanna.

“Soft aero demand, which may extend for years, will dampen marginal pricing in non-aero markets,” which will further pressure margins for Allegheny’s High Performance unit and Carpenter’s specialty alloys operations segment.

ATI’s average Wall Street analyst rating and Seeking Alpha Authors’ Rating are both Neutral.

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