Stifel Downgrades CIRCOR International (CIR) to Hold

December 19, 2018 4:23 AM EST
Get Alerts CIR Hot Sheet
Price: $29.90 +1.12%

Rating Summary:
    5 Buy, 3 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Stifel analyst Nathan Jones downgraded CIRCOR International (NYSE: CIR) from Buy to Hold with a price target of $29.00 (from $51.00).

Jones steps aside citing concerns of leverage and potential growth challenges in many of the company's business.

The analyst comments "Potentially the biggest concern for CIRCOR is the leverage on the balance sheet which we forecast to be 5.6x net debt on trailing EBITDA. The company has targeted reducing leverage to ~3.8x (using our methodology) by year-end 2019. We view that target as very difficult to attain in a slowing demand growth environment."

For an analyst ratings summary and ratings history on CIRCOR International click here. For more ratings news on CIRCOR International click here.

Shares of CIRCOR International closed at $25.02 yesterday.

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