Flowserve price target raised to $66 from $65 at Baird

Baird raised the firm’s price target on Flowserve (FLS) to $66 from $65 and keeps a Neutral rating on the shares. The firm said 3Q was roughly in line with expectations operationally, forward levers are growing more attractive, including healthy demand broadly, strong orders growth, building backlog, more favorable seculars, margin levers, FCF conversion is improving, and balance sheet optionality is likely underappreciated.