Analyst Ronald Epstein from Bank of America Securities maintained a Buy rating on Crane Company (CR – Research Report) and keeping the price target at $140.00.
Ronald Epstein has given his Buy rating due to a combination of factors including Crane Company’s strong start to the year and positive adjustments to their financial outlook. Crane’s first-quarter earnings exceeded market expectations and the company has raised its earnings per share (EPS) and revenue projections for 2024. Their adjusted EPS came in slightly under Bank of America’s optimistic projections but still surpassed the consensus on the street. Additionally, Crane’s upgrade in their revenue and operating margin forecasts indicates a healthy financial trajectory, which likely contributes to Epstein’s favorable rating.
Furthermore, the company’s Aerospace & Electronics segment has shown impressive growth, particularly in the aftermarket sector, which has seen a notable increase in sales. This growth helps to mitigate the risks associated with the 737MAX exposure, demonstrating Crane’s ability to pivot effectively to other revenue streams. In the Process Flow Technology (PFT) division, despite a forecasted slowdown, there is an expectation of a recovery in the latter half of the year, and the company has raised its revenue outlook for this segment too. Epstein’s Buy rating reflects Crane’s robust performance across its diverse segments and the company’s potential for continued growth amidst market challenges.
In another report released on April 17, Stifel Nicolaus also maintained a Buy rating on the stock with a $150.00 price target.
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Crane Company (CR) Company Description:
Crane Co. is a diversified industrial firm manufacturing a broad range of products, including valves, vending equipment, payment acceptance equipment, and aerospace components. The firm’s business is organized into four segments: process flow technologies, payment and merchandising technologies, aerospace and electronics, and engineered materials. Headquartered in Stamford, Connecticut, Crane has approximately 11,000 employees and operates in 32 countries. Crane generated approximately $3.4 billion in revenue and $597 million in adjusted operating income in 2022.
