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Fly News Breaks for August 5, 2019
CR, CIR
Aug 5, 2019 | 07:41 EDT
As previously reported, Stifel analyst Nathan Jones upgraded Circor (CIR) to Buy from Hold while lowering his price target for the shares to $47 from $50. The analyst sees "multiple pathways" for investors to receive "outsized" investment returns in the shares over the next 12 months. Path one would be if the company's management delivers on its target of $165M of EBITDA in 2020, but even if management fails to deliver its targets he thinks the board will have no choice but to change management or put the company up for sale after rejecting Crane's (CR) $48 bid for the company, Jones tells investors. Though he sees it as unlikely that the board will decide to sell the company in the short-term, "there is a non-zero probability" of a short-term sale, Jones added.
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