Zacks Investment Research downgraded shares of Flowserve Corporation (FLS) from NEUTRAL to UNDERPERFORM on October 31, 2014, with a target price of $61.00.
Flowserve develops and manufactures precision-engineered flow control equipment. We have downgraded our recommendation to Underperform from Neutral with a target price of 61. The company reported soft third-quarter 2014 results with earnings and revenues both lagging Zacks Consensus Estimates. Flowserve was primarily impacted by unfavorable currency translations and short-term realignment expenses which are proving to be a drag on company's financials. This apart, two of the three segments also reported revenue decline. Further, the global decline in the power market resulted in a 11% decline in the company's bookings in this segment.
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