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Fly News Breaks for October 30, 2019
Oct 30, 2019 | 07:58 EDT
Buckingham analyst Robert Barry downgraded Crane (CR) to Neutral from Buy with a price target of $79, down from $102, and cut his FY19 and FY20 EPS estimates after the company lowered its outlook for FY19. He views the guidance cut as "a fresh reminder of the low visibility/high volatility" of many Crane's businesses and thinks investors may be less willing to assume much upside from capital deployment after the company's unsuccessful attempt earlier this year to pursue a hostile, high-multiple bid for "operationally-challenged" Circor (CIR).
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