KeyBanc Upgrades Colfax (CFX) to Buy
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KeyBanc upgrades Colfax Corporation (NYSE: CFX) from Hold to Buy with a $26 price target, calling recent weakness overdone.
The firm said, "We are upgrading our rating on CFX to BUY (from HOLD), as we view recent weakness in its share price as overdone. We believe the confluence of: 1) inflated expectations heading into its 2Q08 earnings release; 2) a broad correction in commodity prices (and its potential impact on momentum in CFX's Oil & Gas and Commercial Marine businesses); and 3) confusion around quarterly comparisons and the lumpy nature of orders and shipments in some of CFX's businesses (typical of many newly public companies), have created a compelling buying opportunity in CFX shares."
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