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UPDATE: Citigroup Reduces PT to $39 on Crane on FX Risk and Likelihood of Ongoing Operational Inefficiency

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Citigroup reiterates its Neutral rating on Crane (NYSE: CR) and lowers its price target from $48 to $39.

Citigroup says, "We are reducing our target price from $48 to $39 to reflect the decrease in our small-cap target group multiple from 15.0x 2012 EPS to our new 13.0x group multiple on blended 2012/2013 EPS estimates. We are lowering our 2012/2013 EPS estimates by 10c/5c which assumes higher FX risk and potentially ongoing operational inefficiencies at certain European plants. We further assume that CR shares trade at the low-end of its historical relative P/E range of (25%) to (5%). Previously we assumed the shares traded to a (15%) discount."

CR closed at $35.85 on Wednesday.

Latest Ratings for CR

DateFirmActionFromTo
Jan 2015SusquehannaInitiates Coverage onNeutral
Jan 2015Canaccord GenuityInitiates Coverage onHold
Nov 2014RBC CapitalInitiates Coverage onOutperform

View More Analyst Ratings for CR
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Intraday Update Analyst Ratings

 

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