Flowserve price target raised to $50 from $46 at RBC Capital

RBC Capital raised the firm’s price target on Flowserve to $50 from $46 and keeps a Sector Perform rating on the shares. Following Flowserve’s consecutive quarters of over $1B in bookings, its backlog remains elevated at $2.7B, the analyst tells investors in a research note. As Flowserve exercises project selectivity to capture the right aftermarket opportunities and margins, the implied margins in its backlog are now above the company average, the firm added.