Auriga Reiterates Buy, $56 Target on Crane After Earnings
Auriga maintains its Buy rating and $56 target price on Crane (NYSE: CR) despite a fourth quarter miss of $0.02, which Auriga says is driven by expected accounting events.
Auriga notes, "In tandem with fourth-quarter results, the company extended its asbestos liability to 2021, from 2017 previously, which resulted in a pre-tax charge of $242 million (net of insurance receivable allowance of $44 million). Although the headline held dramatic effect, we note an extension of the liability was entirely expected and view it as purely an accounting event. "
CR closed at $47.41 a share yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.