UPDATE: Ascendiant Capital Downgrades Crane to Hold on Full Valuation

In a report published Thursday, Ascendiant Capital analyst Christopher Bamman downgraded the rating on Crane Co. CR from Buy to Hold. In the report, Bamman noted, “Crane Co. shares have gained approximately 30% so far in 2013. Given the strong price performance, we believe it to be prudent that investors recognize profits. With the shares trading at more than 14.0x our 2013 EPS estimate of $4.14, we believe the shares are fairly valued and fully reflect current expectations. As such, we are reducing our rating to Neutral from Buy. Announced in December 2012, MEI boosts the Payment Solutions platform to a focused growth area along with Aerospace & Electronics and Fluid Handling. Its bill handling applications complement Crane's coin handling systems. Excluding one-time items, the transaction is expected to be roughly $0.25 accretive within the first year. We expect the majority of that accretion to occur toward the end of 2013 and the first half of 2014.” Crane Co. closed on Wednesday at $60.01.