Crane price target adjusted to $87 at Stifel following Crane NXT spin

Stifel analyst Nathan Jones adjusted the firm’s price target on Crane (CR) to $87 from $133 and keeps a Buy rating on the shares after updating estimates to reflect the separation of Crane Co. and Crane NXT (CXT). The firm’s estimates are in line with previously published proforma estimates and it has made no change to its core growth or margin forecast, the analyst noted.