TD Cowen Downgrades Flowserve Corp. (FLS) to Hold
TD Cowen analyst Joseph Giordano downgraded Flowserve Corp. (NYSE: FLS) from Buy to Hold with a price target of $70.00 (from $85.00).
The analyst commented: "We see a tough setup into results where the outlook likely needs to be lowered, but there is an apparent hesitancy to walk back commitments given the progress the company had made on track record ahead of the Iran war. We continue to like FLS's holistic positioning as global electricity generation needs to increase, but that is now very well understood and NT rev growth likely challenged."
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Shares of Flowserve Corp. closed at $79.98 yesterday.