Jefferies Downgrades Timken (TKR) to Hold on Risk/Reward

Jefferies downgraded Timken (NYSE: TKR) from Buy to Hold with a price target of $45.00.

The firm comments, "... Relational Investors, an activist holder, confirmed a 6.15% stake in TKR and suggested a roadmap to a $64/shr valuation with a spin-off of the Specialty Steel business. We agree that TKR's valuation is attractive, although we see SUP closer to $55, but we believe the path to a spin will be difficult without significantly more shareholder activism."

For an analyst ratings summary and ratings history on Timken click here. For more ratings news on Timken click here.

Shares of Timken closed at $46.23 yesterday.

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