UBS Maintains a 'Neutral' on Flowserve Corp. (FLS); Cutting Estimates, Target Price on Weaker Macro, Booking Outlook
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Price: $79.39 +1.65%
Rating Summary:
14 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
14 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UBS maintains a 'Neutral' on Flowserve Corp. (NYSE: FLS), PT lowered from $138 to $121.
UBS analyst says, "Expect less robust long cycle bookings given macro, project delays - Backlogs post 1Q at relevant E&Cs were about flat sequentially ex-mining and construction where FLS has little exposure, and commentary suggests large projects are getting pushed out. Intra-quarter activity has been light and yesterday’s F3Q report from SHAW saw bookings -27%, with particular weakness in the FLS-relevant Energy & Chemical segment, and comments on delays in nuclear. Comps also toughen given an $80mn Engineered Products Division (EPD) order and initial restocking activity in 2Q10...Attractive LT fundamental outlook remains intact." (UBS lowers FY11 EPS estimate from $7.90 to $7.85 and FY12 from $9.00 to $8.80)
For more ratings news on Flowserve Corp. click here and for the rating history of Flowserve Corp. click here.
Shares of Flowserve Corp. closed at $109.89 yesterday.
UBS analyst says, "Expect less robust long cycle bookings given macro, project delays - Backlogs post 1Q at relevant E&Cs were about flat sequentially ex-mining and construction where FLS has little exposure, and commentary suggests large projects are getting pushed out. Intra-quarter activity has been light and yesterday’s F3Q report from SHAW saw bookings -27%, with particular weakness in the FLS-relevant Energy & Chemical segment, and comments on delays in nuclear. Comps also toughen given an $80mn Engineered Products Division (EPD) order and initial restocking activity in 2Q10...Attractive LT fundamental outlook remains intact." (UBS lowers FY11 EPS estimate from $7.90 to $7.85 and FY12 from $9.00 to $8.80)
For more ratings news on Flowserve Corp. click here and for the rating history of Flowserve Corp. click here.
Shares of Flowserve Corp. closed at $109.89 yesterday.
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