Allegheny Technologies Inc. shares fell Thursday after analysts downgraded the titanium products maker and cut earnings estimates following a reported decline in third-quarter profit.

The Pittsburgh-based company, which also makes various specialty metals like stainless steel, said Wednesday its third-quarter profit dropped 26 percent as costs jumped, though results easily beat Wall Street's expectations.

After the market closed Wednesday, Deutsche Bank-North America analyst David S. Martin downgraded the shares to "Hold" from "Buy" and slashed his price target to $21 from $75.

He cited "growing uncertainties in the global economy, delays in Boeing's 787 program, and lower stainless steel prices."

Goldman Sachs analyst Sal Tharani, who has a $25 price target, maintained his "Neutral" rating and said he sees "no catalyst on the horizon."

KeyBanc Capital Markets analyst Mark Parr, who has a "Hold" rating, lowered his full-year 2008 earnings estimate to $5.45 from $5.65 also cited "a lack of positive near-term catalysts" and "lingering aerospace supply chain dislocations."

Davenport analyst Lloyd T. O'Carroll took a sanguine view, reiterating his "Strong Buy" rating and $35 price target. He said the stock "appears significantly undervalued."

Shares fell $1.93, or 8.5 percent, to $20.88. The stock has ranged from $18.42 to $104.80 over the past year. – Associated Press