Flowserve upgraded to Buy at BofA on visibility and valuation

As previously reported, BofA analyst Andrew Obin upgraded Flowserve to Buy from Neutral with a price target of $40, up from $33. Investor expectations are low and demand is high, so the firm believes a re-rating is coming given what it sees as the stock’s "attractive valuation" and room for multiple expansion. Bookings have remained "robust" and Flowserve’s Q3 ending backlog of $2.6B suggests strong backlog coverage in 2023 and 2024, BofA added.