02:35 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $27 to $111, which assumes CRS will trade at an EV/EBITDA of 11.0x our FY 25 (Jun.) EBITDA estimate, in line with CRS's three-year average forward EV/EBITDA of 10.9x. We raise our FY 24 EPS estimate by $0.21 to $4.19 and FY 25's by $0.04 to $5.05. CRS posted FQ3 adjusted EPS of $1.19 vs. $0.38, $0.25 above consensus. FQ3 sales declined 0.8% Y/Y and missed consensus by 3.2%. However, net sales excluding surcharge increased 13% Y/Y, despite a 12% Y/Y drop in shipment volume. Margin expansion was impressive during FQ3, reflecting ongoing improvement in product mix, as CRS is shifting its capacity to more complex, higher value materials, and is also benefiting from operating efficiencies. The adjusted operating margin expanded to 13.1% vs. 5.7% in the prior-year quarter, and was up 190 basis points sequentially from 11.2% in FQ2. CRS pulled forward (by one year) its longer-term goal of $460M-$500M in operating income to FY 26 from FY 27, vs. our estimate of $344M in FY 24.