UPDATE: Wedbush Downgrades Flowserve to Neutral on Valuation, Expectations

Wedbush downgraded Flowserve Corporation

from Outperform to Neutral and raised the price target from $143.00 to $160.00. Wedbush noted, "We are downgrading the shares of FLS on valuation as we believe much of the share gains have already been achieved as our investment thesis has played out. Owing to operating initiatives, an enhanced capital allocation program and expectations of a recovery in end-markets, the shares have increased 44.7% over the last 12 months versus +16.3% for the S&P Midcap. Though the fundamentals remain strong, we believe material upside appears unlikely given the likely moderation in bookings and our expectation for conservative guidance for 2013." Flowserve closed at $155.23 on Wednesday.