Stifel Cuts Price Target as SPX Flow (FLOW) Releases Negative 3Q Preannouncement
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Stifel maintained a Buy rating on SPX Flow (NYSE: FLOW), and cut the price target to $33.00 (from $39.00), following the company's negative 3Q preannouncement. SPX is expecting revenue of $467 million, down substantially from the $490-$510 million previous guidance. Adjusted EPS is expected to be in the range of $0.30-$0.35, compared with the prior guidance range of $0.40-$0.50.
Analyst Nathan Jones commented, "We maintain our Buy rating but are reducing our target price from $39 to $33 based on 13x our 2018E EPS of $2.52. We continue to believe that despite market headwinds SPX Flow has outsized internal opportunities that if successfully executed on will provide outsized returns for investors."
Shares of SPX Flow closed at $26.28 yesterday.
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