CIRCOR Price Target Cut By KeyBanc - Here's Why

  • KeyBanc analyst Jeffrey D. Hammond lowered the price target for CIRCOR International, Inc. CIR to $27 (an upside of 42%) from $37 while maintaining the Overweight rating on the shares.
  • The analyst believes CIR's recent restatement process has removed a significant share overhang and revisits the sum-of-the-parts analysis.
  • Hammond believes the board will remain focused on creating the maximum shareholder value as it reviews potential alternatives for CIR.
  • CIRCOR reported first-quarter revenue of $186 million, up 5% year-over-year and +8% on an organic basis.
  • Orders total $222 million, down 2% Y/Y reported and up 1% organically. Backlog was $477 million, up 12% Y/Y reported, driven by strong demand in Industrial.
  • Adjusted operating margin was 5.6%, up 180 bps, and adjusted EPS was $0.05, an increase from $0.02 a year ago.
  • CIRCOR has named Tony Najjar as President & CEO, and Arjun "AJ" Sharma as CFO.
  • Najjar joined the company in 2015 and most recently served as the COO and Interim President & CEO.
  • Price Action: CIR shares are trading higher by 6.40% at $18.95 on the last check Thursday.
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