Gardner Denver (GDI) Shares Higher as Capstone Upgrades to Buy

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Shares of Gardner Denver (NYSE: GDI) are up more than 4 percent on Tuesday's holiday-shortened half-day session following an earlier downgrade from Capstone Investments.

Although the firm reduced its earnings estimates on Gardner Denver for 2012 and 2013, Capstone now rates shares a Buy, up from Hold previously. The firm set a $65 price target on the stock.

Capstone believes "disruption in its energy business, particularly pressure pumps, are temporary and the longer-term trends within its energy markets remain favorable." The firm also cited valuation, saying the stock currently trades below peers and the historical average based on price to earnings.

With Gardner Denver shares last trading at $54.40, the Capstone analyst's new price target represents potential upside of about 19 percent.

Visiti our Analyst Ratings page to track all the market-moving analyst calls on shares of Gardner Denver.

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