Jefferies Downgrades Gorman-Rupp (GRC) to Hold; Chopping Estimates on Broad Weakness

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July 30, 2012 10:23 AM EDT
Get Alerts GRC Hot Sheet
Price: $80.81 +1.35%

Rating Summary:
    2 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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Jefferies downgraded Gorman-Rupp (NYSE: GRC) from Buy to Hold with a price target of $31.00 (from $34.00).

Analyst, R. Scott Graham, said, "2Q12 earnings were disappointing, but more concerning was the broad weakness in mid-cycle order rates. With no improvement in late-cycle water orders, we are sharply lowering our 2013 EPS forecast."

FY12 EPS estimate cut from $1.78 to $1.62 and FY13 from $2.03 to $1.72.

For an analyst ratings summary and ratings history on Gorman-Rupp click here. For more ratings news on Gorman-Rupp click here.

Shares of Gorman-Rupp closed at $29.58 yesterday.

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