UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Flowserve Corporation - Flowserve (NYSE:FLS)

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In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Flowserve Corporation (NYSE: FLS), and slightly raised its price target from $177.00 to $178.00.BMO Capital Markets noted, “On an EV/EBITDA basis, FLS trades at 9.8x our estimated 2013 EBITDA and 8.9x our estimated 2014 EBITDA. Our price target assumes Flowserve can trade at an 11.0x multiple of our 2013 EBITDA estimate and a 10.0x multiple of our 2014 estimate. We continue to rate FLS Outperform, owing to an attractive valuation, strong long-term demand in key end markets, improving backlog pricing, and steady revenue from MRO and small projects.”Flowserve Corporation closed on Thursday at $156.77.

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