UPDATE: Stifel Raises PT on CIRCOR International Following CEO/CFO Meeting

In a report published Wednesday, Stifel analyst Nathan Jones reiterated a Buy rating on CIRCOR International CIR, and raised the price target from $65.00 to $75.00. In the report, Stifel noted, “We had the opportunity to meet with CEO Scott Buckhout and CFO Fred Burditt at CIRCOR's offices in Burlington, MA yesterday. We came away incrementally more confident that the company has a long runway for margin improvement and that plans are coalescing for what is likely to be a lengthy turnaround. We found Mr. Buckhout to be thoughtful and cognizant of the risks and opportunities that lay ahead for CIRCOR as the company has many discrete opportunities to improve margins through internal actions. While near term the story is going to be margin improvement through internal actions, Mr. Buckhout talked constructively about investing in product development and innovation to increase organic growth and we also believe we will see a more aggressive CIRCOR in the M&A market over time (CIRCOR has no net debt, M&A is not likely to be a high priority in the near term). Based on our conversations with Mr. Buckhout and Mr. Burditt, and Mr. Buckhout's history of successful internal improvement we are raising our longer term estimates and target price to $75.” CIRCOR International closed on Tuesday at $61.08.