RBC Capital raised the firm’s price target on Flowserve to $46 from $43 and keeps a Sector Perform rating on the shares. The company’s Q4 results saw ample signs of improving earnings quality and execution, the analyst tells investors in a research note. RBC further cites Flowserve with upside 194% in free cash flow conversion this quarter and confirmation that the implied backlog margins are above the company average.
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Read More on FLS:
- Flowserve Corp Announces Q4 2023 Performance Overview
- Flowserve raises quarterly dividend 5%, replenishes buyback to $300M
- Flowserve sees FY24 adjusted EPS $2.40-$2.60, consensus $2.53
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- Flowserve Announces Executive Change, Elizabeth Burger Resigns
