UBS downgraded Crane (NYSE: CR) from Buy to Neutral with a price target of $57.00 (from $52.00).

Analyst Shannon O'Callaghan commented, "Crane continues to undergo positive transformation efforts but after a rise in the stock, we did not find enough in the 1Q results and call to drive enough upside to our price target to keep Crane rated as Buy, even as we roll forward to 2017 for our valuation. While the performance at Payment & Merchandising has been strong with potential for more upside, it has continued to be offset by challenges at Fluid Handling, and we still see further potential downside risk to Fluid margins. Fluid Handling margins have declined from 15.6% in 2014 to what we think could be below the 12.2% guidance for 2016. Given CEO Max Mitchell’s previous track record at Fluid Handling when he ran the business (increased margins from 8% to 13% from 2005-2011) we are confident that Crane can eventually drive better Fluid Handling margins, but we currently see more potential for risk to the downside before a positive turn."

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Shares of Crane closed at $57.08 yesterday.