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Fly News Breaks for August 2, 2019
FLS
Aug 2, 2019 | 07:12 EDT
Credit Suisse analyst John Walsh upgraded Flowserve to Outpeform from Neutral following its Q2 earnings report, saying he thinks the company can sustain mid-teens earnings growth through 2022 driven by growth in LNG, midstream, and petrochemical markets coupled with FLS2.0 benefits. Despite quarterly lumpiness, Walsh says he is "encouraged" by the focus on free cash flow conversion, and sees potential for improvement as the business streamlines trade working capital. Yesterday's sell-off on earnings presents an attractive entry point, he adds.
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