Carpenter Technology

CRS · NYSE

$372.53−$5.78 (−1.53%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $378.31

CRS analyst rating

BuyConsensus of 9 analysts over the last 12 months. 89% rate it a buy.

Strong buy0
Buy8
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $596.74 (+60.2% upside)

Low: $434.30
Now: $372.53
High: $723.45

Upgrades and downgrades

The latest rating actions, newest first

CRS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 14, 2026	Maintains	Overweight	$700.00 → $520.00	58%
TD Cowen	Oct 9, 2026	Maintains	Buy	$650.00 → $500.00	63%
Keybanc	Oct 8, 2026	Maintains	Overweight	$608.00 → $465.00	37%
Wells Fargo	Sep 30, 2026	Maintains	Equal-Weight	$540.00 → $430.00	69%
Wells Fargo	Aug 4, 2026	Maintains	Equal-Weight	$425.00 → $540.00	69%
Keybanc	Aug 3, 2026	Maintains	Overweight	$644.00 → $608.00	65%
JP Morgan	Jul 31, 2026	Maintains	Overweight	$705.00 → $700.00	58%
Susquehanna	Jul 31, 2026	Maintains	Positive	$680.00 → $600.00	56%
BTIG	Jul 31, 2026	Maintains	Buy	$450.00 → $620.00	32%
JP Morgan	Jul 14, 2026	Maintains	Overweight	$470.00 → $705.00	58%

The case for and against

Updated Oct 17, 2026

Bull case

Carpenter Technology is viewed favorably because its Specialty Alloys Operations segment is benefiting from tight supply-demand conditions in nickel-based superalloys, producing stronger volumes, pricing/mix, and operating leverage that lifted 3Q26 EBITDA to about $223M, EBIT to $187M, and EPS to $2.77. The company’s commercial aerospace exposure is especially compelling as A&D sales rose 13% Q/Q and 17% Y/Y, with engine sales up 24% Q/Q and 44% Y/Y and structures bookings improving as OEM build-rate confidence returns. Strong liquidity of about $794M, net debt ex. pension of 0.50x TTM EBITDA, and rising free cash flow support buybacks, dividends, and organic growth while management sees earnings momentum extending beyond current guidance.

Bear case

Carpenter Technology is exposed to volatile customer buying patterns, nickel price swings, and cyclical demand in aerospace and energy, all of which can pressure earnings visibility and multiple expansion. Medical sales in the Performance Engineered Products segment fell 9% quarter over quarter and 29% year over year because of ongoing titanium de-stocking by medical distribution customers, showing that demand weakness is being driven by inventory actions rather than a clean end-market recovery. Although order flow remains robust, the persistence of these headwinds and the company’s heavy reliance on the Specialty Alloys Operations segment and the U.S. market leave the business vulnerable if industrial and end-market cycles soften.

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