RBC Capital keeps a Sector Perform rating and $42 price target on Flowserve ahead of the company’s investor day event on September 28th that should provide a “timely update” on its strategic roadmap and positioning in the current macro and secular environment. After an impressive six consecutive quarters of over $1B in bookings, Flowserve needs to demonstrate that it can profitably and consistently convert this backlog and set order normalization expectations, the analyst tells investors in a research note. RBC adds that it intends to look for proof points of the 3D growth initiative and commentary on how higher oil prices impact Flowserve’s demand outlook, though it also notes that the company’s free cash flow conversion continues to lag peers.
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