9.2 C
New York
Thursday, March 28, 2024

UPDATE: Jefferies Raises Price Target On Flowserve On Process Capex Update

Courtesy of Benzinga.

Related FLS
Bank Of America Issues Downgrade, Lowers Guidance For Upstream Oil & Gas Plays
Benzinga's Top Upgrades

In a report published Monday, Jefferies analyst R. Scott Graham reiterated a Buy rating on Flowserve Corp (NYSE: FLS), and raised the price target from $76.00 to $68.00.

In the report, Jefferies noted, “Oil & Gas is the largest market served by our manufacturing companies. We track >$600B of capital spending of global O&G companies in our quarterly Process Capex report. Based on company capex budgets and inputs from Jefferies Energy Teams, we estimated 2015 O&G capex would be -8% in our Process Capex report (12/19/14). With additional budgets announced since then, we now expect spending to be -12%. We are lowering estimates on ATU, FLS, NES, NWPX and THR.”

Flowserve closed on Friday at $57.09.

Latest Ratings for FLS

Date Firm Action From To
Jan 2015 Jefferies Maintains Buy
Jan 2015 Stifel Nicolaus Maintains Buy
Dec 2014 Barclays Maintains Overweight

View More Analyst Ratings for FLS
View the Latest Analyst Ratings

Posted-In: Jefferies R. Scott GrahamAnalyst Color Price Target Analyst Ratings

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,451FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x