Cowen Cuts Price Target on Colfax Corporation (CFX) to $40 Following Meetings with Management

Cowen maintained a Market Perform rating on Colfax Corporation (NYSE: CFX), and cut the price target to $40.00 (from $46.00), following a meeting with CFO Scott Brannan. With organic declines in 11 of 12 quarters for the Fabrication business driven by weak end-markets, poor execution, and declining share, analyst Joseph Giordano came away convinced that management was taking a hard and realistic look at their portfolio.

Giordano commented, "We met with CFO Scott Brannan and came away convinced that management was taking a hard and realistic look at their portfolio. With key end-markets seemingly unlikely to quickly reverse and execution at Fabrication lagging, we believe additional near-term restructuring is likely, and would not rule out more comprehensive changes as new CEO Matt Trerotola begins to shape his company."

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

Shares of Colfax Corporation closed at $36.13 yesterday.

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