TD Cowen Cuts Carpenter Technology (CRS) Price Target to $500

TD Cowen has reiterated its Buy rating on Carpenter Technology, lowering the price target to $500, a 32.82% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:21 PM EDT

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TD Cowen cut its price target on Carpenter Technology Corporation ($CRS) to $500 from $650 on October 9, 2026, and rates the stock "Buy".

Since the rating, $CRS is down 2.3% after 1 week and down 2.3% to date (from the $385.81 close on Oct 9, 2026).

CRS Carpenter Technology Corporation

$377.09 +11.61% year to date

Daily close · Oct 16, 2026

Key Points

On October 9, 2026, TD Cowen reiterated its Buy rating on Carpenter Technology Corporation, lowering the price target from $650 to $500.
TD Cowen's $500 price target implies 32.82% upside from Carpenter Technology Corporation's ($CRS) current $376.44 share price.
As of October 16, 2026, Carpenter Technology shares were recently trading at $376.44, which is about 24.7% below the new analyst target.
Carpenter Technology is set to report earnings on October 22, 2026, with a trailing twelve-month revenue of about $3.12 billion.

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TD Cowen has reiterated its Buy rating on Carpenter Technology Corporation (NYSE: CRS) on October 9, 2026, and lowered the price target from $650 to $500. The firm believes the company remains a solid investment despite the adjustment in its target price.

Other Institutional Activity in Carpenter Technology

Several other institutional investors have also been active with Carpenter Technology. Blackrock Inc. grew its holdings by 394,175 shares, ending with 6,216,560 shares valued at about $2.34 billion. Vanguard Capital Management LLC added 7,109 shares, bringing its total to 2,161,324 shares worth around $814.9 million. Meanwhile, FMR, LLC reduced its stake by 141,466 shares, now holding 4,184,698 shares valued at about $1.58 billion.

Carpenter Technology Corporation Stock Down 1.1%

Carpenter Technology shares were recently trading around $376.44 as of October 16, 2026. This price is about 24.7% below the new target set by TD Cowen. The stock's performance is notable as it approaches its next earnings report scheduled for October 22, 2026.

12-month forecast

$CRS price target

Carpenter Technology Corporation daily closes and this analyst's $500 target. Not advice.

Recent Earnings

For the trailing twelve months, Carpenter Technology reported revenue of approximately $3.12 billion and an EPS of $10.53. The company has shown a revenue growth of 12.6% year-over-year and a net margin of 17.0%. Return on equity stands at 25.8%, indicating strong profitability metrics leading into its next earnings announcement.

Insider Buying and Selling at Carpenter Technology Corporation

Insider trading activity includes several sales by directors. On June 1, 2026, Director Steven E. Karol sold 2,000 shares at an average price of $487.74, totaling about $975,479. Another director, Ramin Younessi, sold 438 shares on August 21, 2026, for approximately $216,001. CEO Tony R. Thene sold 109,283 shares on August 25, 2026, valued at about $52.88 million. Additionally, on September 4, 2026, Steven E. Karol sold 3,275 shares at an average price of $474.08, totaling around $1.55 million.

Analysts Set New Price Targets

On October 9, 2026, TD Cowen maintained a Buy rating on Carpenter Technology and adjusted the price target to $500 from $650. Prior to this, Keybanc maintained an Overweight rating with a target of $465. Wells Fargo also maintained an Equal-Weight rating, lowering its target from $540 to $430 on September 30, 2026.

About Carpenter Technology

Carpenter Technology Corporation specializes in manufacturing and distributing specialty metals. It operates in the United States and internationally, offering products like titanium alloys, stainless steels, and metal powders. The company plays a crucial role in various industries, including aerospace and medical devices, making its performance significant for investors.

Bottom Line

Investors should watch for Carpenter Technology's upcoming earnings report on October 22, 2026, as the firm continues to navigate a challenging market environment. With TD Cowen's recent rating reaffirmation and adjusted target, the company's outlook remains a point of interest for analysts and investors alike.