Crane price target raised to $140 from $130 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on Crane to $140 from $130 and keeps a Buy rating on the shares. The company remains well on-track to consummate its tax-free spin into its separate Crane Co. and Crane NXT enterprises, the analyst tells investors in a research note. The firm also states that the long-term thesis on Crane shares is well intact, with backlogs at record levels and orders seen as healthy.