oppenheimer analyst bryan f blair reiterated an outperform rating on timken company tkr lifting the price target to 97 from 90 the bullish ratings mirror the companys valueadded portfolio transformation realistic drivers for mediumterm earnings and strategic ma notes the analyst demand trends remain positive across most endmarkets of tkr he adds the companys compelling outlook for renewable energy in which timken has the most significant oe exposure is also a positive notes the analyst blair is also bullish on sustained growth across timkens other newer markets including automation industrial services marine food  bev and passenger rail applications the analyst applauds timkens steady portfolio evolution and shifting mix toward lesscyclical highermargin applications the market underappreciates timkens balance sheet optionality and runway for inorganic earnings upside the analyst suspects 2q profitability will be reasonably in line with 1q levels net of the addition of nadella operations and moderately higher expenses implying 2h eps down 5 to up 12 yy to reach the current 2023 adjusted eps guidance of 700750 blair increased 202324e eps to 745785 from 742770 and raised the price target from 90 to 97 equating to 127x pe on average 202324e essentially in line with historical tkr average price action tkr shares are trading higher by 323 to 8763 on the last check monday