Jefferies Cuts Price Targets on Flowserve Corp. (FLS) After Light 2012 Guidance

Jefferies is lowering its price target on shares of Flowserve Corp. (NYSE: FLS) from $137 to $131, but is reiterating its Buy rating as it still calls for 33.3 percent upside.

The company released fiscal 2012 EPS guidance, which calls for EPS of $8.00-$8.80. The company's guidance was below the firm's previous estimate of $9.10, but due to the new estimate Jefferies cut its forecast to $8.64.

The company purchased 1.1 million shares over the year for roughly $109 million. Management also announced their buyback plan was raised back up to $300 million as the board approved a policy of returning shareholders ~40%-50% of avergae net income over the last 2 years through dividends and share repurchases, reports the firm.

Jefferies is also lowering its FY11 EPS and sales estimates from $7.70 and $4.44 billion to $7.62 and $4.4 billion.

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 $96.48 yesterday.

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