Auriga Reiterates Buy, $56 Target on Crane After Earnings

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Auriga maintains its Buy rating and $56 target price on Crane
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.
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Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsAuriga
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