Stifel Cuts Price Target as SPX Flow (FLOW) Releases Negative 3Q Preannouncement

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."

For an analyst ratings summary and ratings history on SPX Flow click here. For more ratings news on SPX Flow click here.

Shares of SPX Flow closed at $26.28 yesterday.

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