Crane upgraded to Buy from Neutral at UBS

UBS analyst Damian Karas upgraded Crane (CR) to Buy from Neutral with a price target of $190, up from $157. Following yesterday’s Q1 update, the firm is increasingly confident in Crane’s long-term earnings outlook and acquisition opportunity. Moreover, market uncertainty that has led to a 21% correction in shares from peak now prices in a 3% sales annual sales growth versus UBS’s 6% estimate, the analyst tells investors in a research note. The firm believes that with one of the best balance sheets in the sector, Crane shares should be pricing closer to $190.