As previously reported, Morgan Stanley analyst Joshua Pokrzywinski downgraded Flowserve to Underweight from Equal Weight, stating that he came away from the company's analyst meeting last week with less conviction in the timing of a turnaround. He significantly reduced his target multiple after reassessing the company's potential future earning power. Management has called 2019 a "productivity" year, not a "restructuring" year, but the path to margin targets seems to require a more aggressive move around factory consolidation, closing QRCs or dramatically higher backlog margins, Pokrzywinski tells investors. He lowered his price target on Flowserve shares to $38 from $51.