UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Flowserve Corporation Following 2Q13 EPS Report

In a report published Friday, BMO Capital Markets analyst Charles D. Brady reiterated an Outperform rating on Flowserve Corporation FLS, and raised the price target from $62.00 to $63.00. In the report, BMO Capital Markets noted, “Flowserve reported headline 2Q13 EPS of $0.84. Results were driven by better-than-expected margins in IPD and FCD. Flowserve has effectively completed its $1 billion share repurchase program, although we expect additional repurchases under the current authorization. Flowserve reaffirmed 2013 EPS guidance of $3.20-$3.53. A large project in EPD shifted from 2Q13 to 3Q13, which might impact margins by 100 bp. However, increased revenue from large projects and stronger profitability in the other segments should make this a non-issue for the quarter.” Flowserve Corporation closed on Thursday at $57.38.