UPDATE: Oppenheimer Starts Crane (CR) at Perform

(Updated - November 17, 2016 1:22 PM EST)

Oppenheimer initiated coverage on Crane (NYSE: CR) with a Perform rating. Analyst Jim Giannakouros said the company is well positioned, but he think investors should be patient.

Giannakouros explained, "We appreciate its strong competitive position across its operating platforms, differentiated technologies, most notably in its Aerospace & Electronics (A&E) and Payment & Merchandising (PMT) segments, and proven Crane Business System (CBS) as pillars for sustainable bottom-line growth. While CR continues to face challenges in Fluid Handling (FH) as large project delays continue and pricing remains a risk, we believe CR can leverage improving chemical project volumes (particularly re: ethylene capacity additions). Similarly, leading technologies in aero position CR well to leverage visible production ramp schedules. Asbestos/conglomerate discounts explain CR's below-average multiples vs. industrial peers, with recent performance (+55% YTD vs. XLI +16%) and our SOTP-derived fair value estimate (~$76) driving our patience near term."

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

Shares of Crane closed at $73.89 yesterday.

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