Stifel Remains Sidelined on Crane Co. (CR) Following Earnings Call
Stifel reiterated a Hold rating on Crane Co. (NYSE: CR), and raised the price target to $69.00 (from $65.00), following the company's 3Q earnings call. Adjusted EPS was reported at $1.07, compared to $1.03 in 3Q15. Sales of $694.2 million increased 3.6% y/y from sales of $669.9 million in 3Q15.
Analyst Nathan Jones commented, "No doubt the performance in the quarter and the fundamental trends warranted a nice move up in the stock, however we don't think it warranted the 11.3% (vs. -0.3% XLI) move the stock got to today. HOWEVER we won't argue with the stock move given CR management made special note of significant project wins that are on the come in both P&M and A&E. This kind of behavior (signaling to the Street) is unusual for management and we take it as a sign that they are imminent, highly probable, and substantial. We think investors certainly placed bets today that these will indeed move the needle for Crane in 2017 and 2018."
For an analyst ratings summary and ratings history on Crane click here. For more ratings news on Crane click here.
Shares of Crane closed at $67.35 yesterday.