Fly News Breaks for December 17, 2019
Dec 17, 2019 | 09:41 EDT
BofA/Merrill analyst Andrew Obin downgraded Flowserve to Underperform from Neutral with a price target of $50, down from $55. In a research note to investors, Obin argues that capital discipline among oil majors will drive muted Oil & Gas spending in 2020, likely driving weaker bookings growth for Flowserve in 2020. Obin estimates O&G sales account for ~61% of Flowserve's revenue, the highest exposure in his coverage. He thinks bookings trends will likely remain challenged over the course of the year.
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