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

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Jefferies reiterates its Buy rating on Flowserve Corporation (NYSE: 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.

Latest Ratings for FLS

DateFirmActionFromTo
Sep 2014BarclaysInitiates Coverage onOverweight
Jul 2014Maxim GroupUpgradesHoldBuy
Jun 2014Goldman SachsInitiates Coverage onSell

View More Analyst Ratings for FLS
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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