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Allegheny (ATI) Stock Jumps on Ratings Upgrade

NEW YORK (TheStreet) -- Shares of Allegheny Technologies (ATI) were soaring 9.07% to $18.16 in midday trading on Monday as Deutsche Bank upped its rating on the stock to "buy" from "hold."

The firm also raised its price target to $20 from $15 on shares of the Pittsburgh-based specialty materials and components producer.

"We update our model to include the August 24th announced closure of Allegheny Technologies' Rowley facility. While end-markets remain weak, management is (finally) acting to exit low-margin stainless products and close high-cost operations with benefits expected beginning in 2017,"...


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