Citigroup reiterates its Neutral rating on Crane CR and lowers its price target from $48 to $39.
Citigroup says, "We are reducing our target price from $48 to $39 to reflect the decrease in our small-cap target group multiple from 15.0x 2012 EPS to our new 13.0x group multiple on blended 2012/2013 EPS estimates. We are lowering our 2012/2013 EPS estimates by 10c/5c which assumes higher FX risk and potentially ongoing operational inefficiencies at certain European plants. We further assume that CR shares trade at the low-end of its historical relative P/E range of (25%) to (5%). Previously we assumed the shares traded to a (15%) discount."
CR closed at $35.85 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in