Wedbush Downgrades Flowserve Corp. (FLS) to Neutral

Wedbush downgraded Flowserve Corp. (NYSE: FLS) from Outperform to Neutral with a price target of $160.00 (from $143.00) on valuation and expectations.

The firm comments, "Downgrade a function of valuation and expectations. We are downgrading the shares of FLS on valuation as we believe much of the share gains have already been achieved as our investment thesis has played out. Owing to operating initiatives, an enhanced capital allocation program and expectations of a recovery in end-markets, the shares have increased 44.7% over the last 12 months versus +16.3% for the S&P Midcap. Though the fundamentals remain strong, we +believe material upside appears unlikely given the likely moderation in bookings and our expectation for conservative guidance for 2013."

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 $155.23 yesterday.

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