Flowserve price target raised to $65 from $60 at BofA

BofA analyst Andrew Obin raised the firm’s price target on Flowserve (FLS) to $65 from $60 and keeps a Buy rating on the shares. Flowserve’s Q3 adjusted EPS missed the firm’s estimate and consensus and implied Q4 guidance suggests no EBIT catchup, but the stock finished up 2.3% despite the miss, which the firm attributes to strong bookings of $1.2B that were well above expectations; power bookings being up 30% year-over-year and the nuclear funnel also up 20%; free cash flow conversion that is structurally improving; and a “solid outlook into 2025.”