KeyBanc Downgrades Altra Holdings (AIMC) to Hold

KeyBanc downgraded Altra Holdings (NASDAQ: AIMC) from Buy to Hold and removed its price target (prior 36). Analyst Jeffrey D. Hammond sees a challenging upstream capex environment.

"While our rating change coincides with our more conservative take on upstream capex trends, to which AIMC has exposure, we view a collection of headwinds (mining, oil & gas, agriculture) and somewhat slower traction on cost savings catalysts as reasons to move to the sideline," said Hammond.

"We do not see material downside to shares, but expect the stock to be range bound as investors better understand the emerging headwinds and consensus estimates are appropriately adjusted. We continue to like the long-term margin expansion opportunity at AIMC and would revisit shares upon a pull back," he added.

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

Shares of Altra Holdings closed at $32.22 yesterday.

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