UPDATE: Ascendiant Capital Initiates CIRCOR International with Neutral Rating on Mixed Outlook, Improving Profitability

In a report published Tuesday, Ascendiant Capital analyst Christopher Bamman initiated coverage on CIRCOR International CIR with a Neutral rating. In the report, Bamman noted, “The macroeconomic outlook remains mixed as does its end markets. Repositioning initiatives have been undertaken to reduce costs, consolidate facilities and improve overall profitability. New CEO, Scott Buckholt, will be challenged to improve operating margins and/or engage in an accretive acquisition. Nonetheless, CIRCOR is positioned to capture opportunities within the positive longer term trends across the energy, power generation and aerospace markets. However, at current levels, we believe the shares are fully valued.” CIRCOR International closed on Monday at $47.74.