RBC upgrades Flowserve to Outperform on order momentum

RBC Capital upgraded Flowserve (FLS) to Outperform from Sector Perform with a price target of $69, up from $57. The company has reported eleven consecutive quarters of $1B-plus bookings, which demonstrates go-to-market and order momentum, the analyst tells investors in a research note. The firm believes Flowserve’s should be a winner in Trump’s second term given its 38% exposure to oil and gas. RBC also also likes Flowserve’s positioning in the “extended risk-on cycle.”