Stifel Downgrades CIRCOR International (CIR) to Hold
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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."
Shares of CIRCOR International closed at $25.02 yesterday.
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