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      Why the Timken Steep Corp (TMST) Shares have been on a skywalk? - Stocks Telegraph

      By ST Staff

      Published on

      February 24, 2021

      5:52 PM UTC

      Last Updated on

      October 21, 2021

      9:41 AM UTC

      Why the Timken Steep Corp (TMST) Shares have been on a skywalk? - Stocks Telegraph

      Brief:

      Shares of Timken Steep Corp.(TMST) stock have been on the skywalk. The manufacturer of alloy steel has recorded a jump over 9.26% on Wednesday after the green light given by the KeyBanc Capital analyst Phillip Gibbs that it is the right time to buy shares of this stock as macroeconomic recovery is in progress.

      What’s happening?

      The closing price of TMST reached its highest level since May 2019. The rating has been raised to overweight from sector weight by Gibbs with a target price of 10$. Gibbs’s views reflect that the company will outperform in the future due to microeconomic recovery, a better contract, and spot pricing, widening raw material spreads, as well as “self-help,” which includes cost cuts.

      Rebound in oil prices could be another reason for the stock price to increase as demand for oil, after facing the dark days in winter, would increase in summer but it would depend on the rollout of vaccination which is expected to get pace in summer.

      The company is in the sight of investors and traders as it is going to announce its 2020 fourth quarter and full-year financial results on the 25th of February,2021. The company had recorded sales of 1.2$ billion in 2019 and employed 2150 people.

      Conclusion:

      The bullish sentiment is in favor of TMTX after the positive statement of the KeyBanc Capital analyst Phillip Gibbs. The stock has been continuously pumping high for the past three months. The fourth quarter and full-year financial results would further decide the fate of the company.

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