UPDATE: Jefferies Reduces PT to $133 on Flowserve Corporation on Euro Weakness

Jefferies reiterates its Buy rating on Flowserve Corporation FLS but reduces its price target from $135 to $133. Jefferies notes, "We hosted investor meetings with the CFO. End-market activity is improving. Combined with new operating strategies, we expect continued sales momentum and resuscitated earnings growth in 2H12-2013. But the weaker Euro is a current earnings pressure; we trimmed our estimates. Nevertheless, we continue to believe the energy and chemical cycles are just beginning to impact this long-cycle company's earnings." FLS closed at $108 on Thursday.