Crane (CR) PT Raised to $160 at DA Davidson

DA Davidson analyst Matt Summerville raised the price target on Crane (NYSE: CR) to $160.00 (from $142.00) while maintaining a Buy rating.

The analyst commented: "CR exited 1Q24 with considerable momentum across both A&E and PFT, inclusive of innovationled wins, share gains, and notable value-based price capture – all of which we believe ultimately will allow the company to raise its MT/LT organic objectives for these businesses. Go-forward M&A activity appears promising later in the year, paired with a significantly underleveraged balance sheet highly supportive of additional inorganic deployment. We reaffirm our BUY rating, thesis and raise our estimates along with our PT (from $142 to $160), noting longer-term strategic optionality."

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