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Fly News Breaks for October 30, 2019
Oct 30, 2019 | 05:41 EDT
Crane "hit a bump" with a significant reduction to the outlook for its Currency business related to lower orders for U.S. bank notes, Stifel analyst Nathan Jones tells investors in a research note. The analyst, however, views the assertion that this is related to an inventory burn as "certainly feasible" and Crane's assumption that orders will go back to 6.5-6.7 billion as realistic based on historical averages. This as more of a "one timer," making the stock selloff yesterday "wildly overdone," according to Jones. He lowered his price target for Crane to $96 from $99 and reiterates a Buy rating on the shares. The stock closed Tuesday down 8% to $77.50.
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