KeyBanc Upgrades Colfax Corporation (CFX) to Buy
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KeyBanc upgrades Colfax Corporation (NYSE: CFX) from Hold to Buy. Price target $11.
KeyBanc analyst says, "We had the opportunity to spend time with CFX's CEO John Young meeting with investors. While near-term demand remains challenged in its Commercial Marine and General Industrial businesses, we walked away with increased comfort that 2010 will not represent a "cliff event" for CFX's earnings momentum in its longer cycle businesses. Additionally we believe the Company is pro-actively and effectively managing the cost-side of its business, which should minimize margin degradation on any sales decline. At the same time, we recognize that CFX shares have underperformed its industrial peers over the past few months (up 5% vs. peer group up 10% and S&P 500 up 11% since April 1, 2009). Given the shares' attractive valuation coupled with our increased confidence in 2010 earnings resiliency, we are upgrading our rating to BUY."
Colfax Corporation (Colfax) is a global supplier of a range of fluid handling products, including pumps, fluid handling systems and controls and specialty valves.
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