UPDATE: Oppenheimer Lowers PT on Flowserve Following Common Stock Split

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In a report published Monday, Oppenheimer analyst Jim Giannakouros reiterated an Outperform rating on Flowserve FLS, but lowered the price target from $198.00 to $66.00.

In the report, Oppenheimer noted, “We are adjusting our EPS estimates and price target to reflect a 3:1 stock split of FLS's common stock. Our model is otherwise unchanged and we maintain our Outperform rating. Our new 12-18 month price target is $66 and our new 2013 and 2014 EPS estimates are $3.42 and $4.00, respectively.”

Flowserve closed on Friday at $53.10.

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Posted In: Analyst ColorPrice TargetAnalyst RatingsJim GiannakourosOppenheimer
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