UBS Raises Estimates and Price Target on Flowserve Corp. (FLS); FX vs. Buyback
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Price: $167.93 -0.38%
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade FLS Now!
UBS maintains a 'Buy' on Flowserve Corp. (NYSE: FLS) price target of $146.00 (from $140.00).
Analyst, Robert Barry, raised FY12 EPS estimate from $8.50 to $8.78 and said, "FX adjustments cut $0.13 off our prior 2012 EPS of $8.50, mostly in 2Q, but adjustments for repo activity add $0.41."
Barry also boosted FY13 EPS estimate from $10.40 to $10.75. He sees continued booking momentum and concludes by saying, "We generally think little value is created by firms swapping cash for stock, but think FLS adding leverage to fund buybacks adds value by lowering its cost of capital, more so in this low rate environment."
For an analyst ratings summary and ratings history on Flowserve Corp. click here. For more ratings news on Flowserve Corp. click here.
Shares of Flowserve Corp. closed at $108.61 yesterday, with a 52 week range of $66.84-$122.45.
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Analyst, Robert Barry, raised FY12 EPS estimate from $8.50 to $8.78 and said, "FX adjustments cut $0.13 off our prior 2012 EPS of $8.50, mostly in 2Q, but adjustments for repo activity add $0.41."
Barry also boosted FY13 EPS estimate from $10.40 to $10.75. He sees continued booking momentum and concludes by saying, "We generally think little value is created by firms swapping cash for stock, but think FLS adding leverage to fund buybacks adds value by lowering its cost of capital, more so in this low rate environment."
For an analyst ratings summary and ratings history on Flowserve Corp. click here. For more ratings news on Flowserve Corp. click here.
Shares of Flowserve Corp. closed at $108.61 yesterday, with a 52 week range of $66.84-$122.45.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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