Flowserve price target raised to $59 from $54 at Stifel

Stifel raised the firm’s price target on Flowserve (FLS) to $59 from $54 and keeps a Buy rating on the shares after having hosted CEO Scott Rowe and VP IR Brian Ezzell at investor meetings. The firm came away from the meetings with “renewed confidence” that the company’s complexity reduction/simplification/80-20 initiatives are accelerating and yielding results as well as more confident on the company’s ability to negotiate a downturn, the analyst tells investors.