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CIR

Circor

$42.96

12.32 (40.21%)

, CR

Crane

$83.27

-1.62 (-1.91%)

13:33
05/21/19
05/21
13:33
05/21/19
13:33

Circor again rejects Crane bid, says it 'substantially' undervalues company

Circor International (CIR) confirmed that it has previously received and rejected an "an unsolicited, non-binding" proposal from Crane Co. (CR) to acquire all the outstanding shares of Circor common stock for $45 per share in cash. Circor said in a statement, "Crane's proposal, which was publicized today, was received by CIRCOR on April 30, 2019. Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, CIRCOR's board of directors carefully reviewed that proposal. Following that review, the board of directors unanimously rejected Crane's proposal and determined that the proposal was highly opportunistic, substantially undervalued CIRCOR and its future prospects, and did not constitute a basis for engaging in further dialogue with Crane at this time." J.P. Morgan is acting as financial advisor to Circor.

CIR

Circor

$42.96

12.32 (40.21%)

CR

Crane

$83.27

-1.62 (-1.91%)

CIR Circor
$42.96

12.32 (40.21%)

05/21/19
STFL
05/21/19
NO CHANGE
Target $103
STFL
Buy
Crane's Circor offer represents good value for shareholders, says Stifel
Stifel analyst Nathan Jones says Crane's (CR) $45 per share offer for Circor (CIR) represents "good value" for Crane shareholders, particularly given Crane management's track record for generating above-target synergies and smooth integrations. Jones, who has a Buy rating and $103 price target on Crane, thinks there could potentially be one or two competing bidders with ITT (ITT) making the most sense to him, but also named Flowserve (FLS) and SPX Flow (FLOW) as companies that may be interested in Circor.
05/21/19
SIDC
05/21/19
DOWNGRADE
SIDC
Neutral
Circor downgraded to Neutral from Buy at Sidoti
03/12/19
03/12/19
DOWNGRADE

Sector Weight
Circor downgraded to Sector Weight on valuation at KeyBanc
As previously reported, KeyBanc analyst Jeffrey Hammond downgraded Circor to Sector Weight from Overweight saying that with shares having reached his prior price target and valuation back in line with the historical average, he sees less runway from here compared to other small-cap value names within his coverage. In addition, while Hammond appreciates Circor's back-end-loaded earnings potential this year, persistent execution issues, including plant-related costs that will linger through the first half of 2019, have dampened his confidence in positive second half of the year fundamentals translating to the bottom line.
03/12/19
KEYB
03/12/19
DOWNGRADE
KEYB
Sector Weight
Circor downgraded to Sector Weight from Overweight at KeyBanc
CR Crane
$83.27

-1.62 (-1.91%)

04/11/19
UBSW
04/11/19
NO CHANGE
Target $100
UBSW
Buy
Crane price target raised to $100 from $90 at UBS
UBS analyst Damian Karas raised his price target on Crane to $100 and kept his Buy rating, saying the company's currency business is being "undervalued" in spite of its strong first-year performance amid "secular concerns around use of cash as a means of payment." The analyst acknowledges that the use of cash will become "less prominent over time", but points to central bank data suggesting that currency in circulation "continues to grow despite higher penetration of cashless transactions", rising mid-to-high single digits globally in recent years.
01/29/19
WBLR
01/29/19
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Crane with 2019 synchronized growth unlikely
William Blair analyst Nicholas Heymann downgraded Crane to Market Perform from Outperform saying further synchronized growth in 2019 is unlikely. The analyst no longer believes Crane's absolute valuation is likely to "materially improve," but he admits "the pause in revenue growth" for 2019 may already be reflected in the current share price. The largest risk to Crane's share price may be nominal upside rather than further significant market underperformance, Heymann tells investors in a research note. He believes, however, that Crane's long-term growth prospects remain solid.
01/29/19
STFL
01/29/19
NO CHANGE
Target $100
STFL
Buy
Crane guidance 'solid and realistic,' says Stifel
Stifel analyst Nathan Jones noted that Crane's guidance missed the consensus forecast, but he believes the company's outlook is "solid and realistic" and he thinks consensus for 2019 is skewed by several unrealistic estimates, including a $3.625B revenue estimate. He maintains a Buy rating and $100 price target on Crane shares.

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