Flowserve price target raised to $41 from $38 at Goldman Sachs

Goldman Sachs analyst Joe Ritchie raised the firm’s price target on Flowserve to $41 from $38 but keeps a Sell rating on the shares. The company reported a Q4 segment EBIT miss, with Flow Control Division segment strenth offset by the miss in the Flowserve Pumps Division, though its bookings of $1.04B marked the 8th consecutive quarter above $1.0B, the analyst tells investors in a research note. The firm remains Sell-rated on “better risk/reward elsewhere” in its coverage, though Goldman Sachs adds that it has also been “impressed with the improved execution”.