UPDATE: Topeka Capital Markets Initiates Crane at Hold on Limited Visibility
Topeka Capital Markets initiated coverage on Crane (NYSE: CR) with a Hold rating and a $44 price target.
Topeka Capital Markets noted, "We like the long-term prospects for Crane, but prefer to stay on the sidelines, as we see limited top-line growth opportunities in 2013 in our base case, combined with limited visibility resulting from the fiscal cliff and its impact at a macro level. That said, we believe management initiatives including dividend growth, share repurchases, and margin enhancement efforts all warrant investor attention should uncertainty abate."
Crane closed at $43.75 on Tuesday.
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