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Fly News Breaks for May 30, 2018
CFX
May 30, 2018 | 08:51 EDT
Argus analyst John Eade kept his Buy rating and $40 price target on Colfax, saying that shares have underperformed over the past year with a 23% decline, but the $30 price level offers some technical support and the company has recently beat on earnings and raised its FY18 guidance. Eade attributes the recent weakness to the company's exposure to the energy and mining industries, unfavorable currency effects, and a change in the customer ordering pattern, but also notes that earnings are growing again and revenues should smooth out in the second half of the year.
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