UPDATE: KeyBanc Downgrades Colfax Corporation to Hold, Removes PT

In a report published Friday, KeyBanc downgraded its rating on Colfax Corporation

from Buy to Hold, and removed its $45.00 price target. KeyBanc noted, “While we continue to view CFX as a strong operating company with substantial opportunity to improve the operating metrics of its 2012 acquisition of Charter plc (more notably within the ESAB welding business) and continue to grow through bolt-on acquisitions and (over time) platform additions, we view shares as fully valued at current levels. Having added significant talent to its management ranks and favorably transformed its portfolio from a high-quality industrial pump company to a global multi-industry conglomerate with three scalable platforms, CFX is now trading more in line with its process control peers and above its main pure play welding competitor.” Colfax Corporation closed on Thursday at $44.61.