Baird analyst Michael Halloran maintains $Flowserve (FLS.US)$ with a hold rating, and adjusts the target price from $60 to $66.
According to TipRanks data, the analyst has a success rate of 61.8% and a total average return of 11.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Flowserve (FLS.US)$'s main analysts recently are as follows:
Flowserve's third-quarter adjusted earnings per share fell short of estimates, with the projected guidance for the fourth quarter indicating no anticipated improvement in earnings before interest and taxes. Nevertheless, the company's shares experienced a 2.3% increase. This uptick is thought to be due to robust bookings totaling $1.2 billion, which surpassed forecasts, a 30% year-over-year increase in power bookings, a 20% rise in the nuclear project pipeline, structurally better free cash flow conversion, and a promising outlook extending into 2025.
Flowserve's third quarter performance was generally aligned with expectations, showing operational stability. Prospects for the company are becoming increasingly favorable, with a growth in demand across the board, significant orders growth, an expanding backlog, beneficial secular trends, potential for margin improvement, better free cash flow conversion, and a balance sheet that may offer more benefits than widely recognized.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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