UPDATE: Stifel Nicolaus Maintains Buy, Lowers PT to $147 on Flowserve Corporation

Stifel Nicolaus reiterates its Buy rating on Flowserve Corporation FLS and lowers its price target to $147 from $151 as it adjusts forecasts for currency and share buyback. Stifel Nicolaus says, "We are adjusting our 4Q11 and 2012 estimates for the negative effect of currency and the impact of the 4Q11 and anticipated 2012 stock repurchases. We are reducing our 4Q11 EPS estimate to $2.15 from $2.20. This includes ($0.06 p/s) from currency and $0.01 p/s from stock buyback. We are reducing our 2012 EPS estimate to $8.70 from $8.95. This includes ($0.25) p/s from currency and $0.09 p/s from share buybacks." FLS closed at $96.48 per share on Thursday.