Oppenheimer analyst Bryan Blair maintained a Hold rating on Flowserve Corp (NYSE: FLS) today. The company’s shares opened today at $50.02, close to its 52-week high of $51.55.
Blair wrote:
“FLS reported adj. 2Q18 EPS of $0.41, easily ahead of our/consensus $0.34/$0.33E, on the strength of EPD performance (revenue and margin solidly above expectations). FCD also outperformed, with IPD profitability modestly below our modeling. We believe the quarter was highlighted by strong AM bookings (+8.1% y/y ex-FX, with $504M the highest level since 4Q14), driving total bookings above $1B for the first time since 3Q15. Given improved 2Q results and solid order trends, FLS reiterated its ’18 sales outlook of +3-6% y/y (+2-5% organic) and adj. EPS guidance of $1.50-1.70. Given short-cycle momentum (including price traction), improved execution in EPD and FCD, and sustained outlook for MSD+ IPD exit margins this year (a watch item, in our view), we view guidance as relatively conservative.”
According to TipRanks.com, Blair is a 2-star analyst with an average return of 3.1% and a 60.0% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Carlisle Companies Inc.
Flowserve Corp has an analyst consensus of Hold, with a price target consensus of $47, a -6.0% downside from current levels. In a report issued on August 9, BMO Capital also reiterated a Hold rating on the stock with a $50 price target.
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Based on Flowserve Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $13.22 million. In comparison, last year the company had a net profit of $41.88 million.
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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Engineered Product Division, Industrial Product Division, and Flow Control Division.
