KeyBanc Starts Flowserve Corp. (FLS) at Buy

December 3, 2012 5:40 PM EST Send to a Friend
Get Alerts FLS Hot Sheet
Price: $64.31 -3.09%

Rating Summary:
    11 Buy, 4 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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KeyBanc initiates coverage on Flowserve Corp. (NYSE: FLS) with a Buy. PT $160.00.

The firm comments, "With respect to our overall coverage universe, our broad thesis suggests the highest quality names with long-standing execution track records, solid balance sheets, businesses benefiting from long-term secular trends, strong free cash flow generation and proven acquisition models offer investors the most compelling long-term opportunity for value creation (and, not surprisingly, typically come at premium multiples). We believe that FLS is among this group of companies. The current management team, in our view, has established a strong execution track record through the current cycle and has provided strategic direction for revenue and margin growth going forward by expanding the Company's aftermarket capabilities and geographic breadth. We believe the Company's overall mix of aftermarket business at 40% offers a degree of earnings and cash flow visibility over the course of an economic cycle. We also gravitate to companies that have exposure to long cycle, backlog oriented markets."

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 $138.55 yesterday.


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