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Fly News Breaks for July 8, 2019
CR, CIR
Jul 8, 2019 | 12:16 EDT
Canaccord Genuity analyst Ken Herbert continues to believe Circor (CIR) would be a "very good" strategic fit with Crane (CR). He keeps a Buy rating on Crane with a $105 price target after the company this morning increased its bid for Circor from $45 to $48 per share. Based on the movement in Circor stock, investors seem increasingly optimistic that the company will eventually open up to a formal acquisition process, or that management will start to take steps to materially improve its performance, Herbert tells investors in a research note. While the analyst thinks one more increase in the offer price is possible, he expects Crane management "to move on from the opportunity before doing anything irrational."
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