Jefferies reiterated its Buy rating on Flowserve FLS. At the same time, Jefferies left its price target on the company's stock unchanged at $157 after a meeting with the company's management.
In a research report published today, Jefferies states, "We believe the takeaways from the meetings were incrementally positive
versus the 1Q11 conference call. In our view, the global process capex cycle is in the
early stages and FLS is just beginning to benefit. Recent pullbacks in commodities prices
and world events have combined with 1Q11 estimate reductions (pushback on earnings
acceleration views) to weaken the stock. But we continue to believe an earnings acceleration
is still a matter of when, not if, given the track record here. We consider FLS a compelling
value at current levels."
On Friday, Flowserve closed the week at $106.37.
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