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CIRCOR Price Target Cut By KeyBanc - Here's Why

  • KeyBanc analyst Jeffrey D. Hammond lowered the price target for CIRCOR International, Inc. (NYSE: CIR) to $27 (an upside of 42%) from $37 while maintaining the Overweight rating on the shares.

  • The analyst believes CIR's recent restatement process has removed a significant share overhang and revisits the sum-of-the-parts analysis.

  • Hammond believes the board will remain focused on creating the maximum shareholder value as it reviews potential alternatives for CIR.

  • CIRCOR reported first-quarter revenue of $186 million, up 5% year-over-year and +8% on an organic basis.

  • Orders total $222 million, down 2% Y/Y reported and up 1% organically. Backlog was $477 million, up 12% Y/Y reported, driven by strong demand in Industrial.

  • Adjusted operating margin was 5.6%, up 180 bps, and adjusted EPS was $0.05, an increase from $0.02 a year ago.

  • CIRCOR has named Tony Najjar as President & CEO, and Arjun "AJ" Sharma as CFO.

  • Najjar joined the company in 2015 and most recently served as the COO and Interim President & CEO.

  • Price Action: CIR shares are trading higher by 6.40% at $18.95 on the last check Thursday.

Latest Ratings for CIR

Date

Firm

Action

From

To

Nov 2020

Keybanc

Maintains

Overweight

Aug 2020

Citigroup

Maintains

Neutral

Apr 2020

Citigroup

Maintains

Neutral

View More Analyst Ratings for CIR

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