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In a report published Monday, Deutsche Bank analyst John G. Inch downgraded Colfax (NYSE: CFX) from Buy to Hold, but reiterated the $54.00 price target.
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In the report, Deutsche Bank noted, “We are downgrading CFX to Hold from Buy as the stock has appreciated toward our price target – our $54 price target remains unchanged. We see upside in CFX toward $60 over the next 12 months. However, this provides insufficient upside to retain our Buy rating at this time. We caution that while Colfax carries the most exposure to higher growth/emerging markets within our coverage universe, the stock has held up relatively well despite on-going negative headlines related to these economies. Overall, a lack of improvement in emerging markets could, at minimum, delay prospective volume recovery in Colfax's short cycle welding business and limit earnings upside in the near term.”
Colfax closed on Friday at $52.85.