Auriga Reiterates Buy, $56 Target on Crane
Auriga maintains its Buy rating and $56 target price on Crane (NYSE: CR) as it expects the company to have a strong finish in 2011 and a strong outlook for 2012.
Auriga says, "Today after the close, Crane Co. is expected to report fourth-quarter results. We expect a solid finish to the year with 35.7% diluted EPS growth to $0.90, on nearly a 14% increase in sales. Looking forward, we suspect management's tone will be bullish for 2012, as we look for continued top line growth and margin expansion to stem from higher commercial aircraft production and strength in the company's Fluid Handling business."
CR closed at $50.40 a share on Friday.
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