The firm also reduced its full year 2016 estimates to $3.29 per share, from $4.30, and cut its full year 2017 earnings estimates to $4.67 per share, from $5.60.
Credit Suisse said is dropped its earnings forecast on the company, which manufactures, fabricates, and distributes specialty metals, after the company warned its fiscal 2015 first quarter earnings will be negatively impacted by cost, output, and mix issues at its specialty alloy locations in Reading, PA and Latrobe, PA.
Credit Suisse has a $57 price target on Carpenter Technology, down from $69.
Shares of Carpenter Technology are up by 0.06% to $46.60 at the start of trading today.
Separately, TheStreet Ratings team rates CARPENTER TECHNOLOGY CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARPENTER TECHNOLOGY CORP (CRS) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. We feel these strengths outweigh the fact that the company has had sub par growth in net income."