Stifel Raises Price Target as Circor (CIR) Announces Critical Flow Solutions Acquisition

Stifel reiterated a Buy rating on CIRCOR International (NYSE: CIR), and raised the price target to $62.00 (from $60.00), following the company's announced agreement to acquire Critical Flow Solutions (CFS). The purchase price of $210 million is ~9x EBITDA and is expected to be EPS accretive in 2017. The deal is expected to close in the very short term.

Analyst Nathan Jones commented, "CIRCOR announced yesterday it has signed a definitive agreement to acquire Critical Flow Solutions (CFS) for $210 million and is expected to be accretive in the first 12 months of combined operations. CFS manufactures critical severe-service equipment for refining operations with revenue of ~$120 million and EBITDA margins over 20% in F2016."

For an analyst ratings summary and ratings history on CIRCOR International click here. For more ratings news on CIRCOR International click here.

Shares of CIRCOR International closed at $51.94 yesterday.

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