- KeyBanc analyst Jeffrey D. Hammond lowered the price target for CIRCOR International, Inc. (NYSE:CIR) to $27 (an upside of 42%) from $37 while maintaining the Overweight rating on the shares.
- The analyst believes CIR’s recent restatement process has removed a significant share overhang and revisits the sum-of-the-parts analysis.
- Hammond believes the board will remain focused on creating the maximum shareholder value as it reviews potential alternatives for CIR.
- CIRCOR reported first-quarter revenue of $186 million, up 5% year-over-year and +8% on an organic basis.
- Orders total $222 million, down 2% Y/Y reported and up 1% organically. Backlog was $477 million, up 12% Y/Y reported, driven by strong demand in Industrial.
- Adjusted operating margin was 5.6%, up 180 bps, and adjusted EPS was $0.05, an increase from $0.02 a year ago.
- CIRCOR has named Tony Najjar as President & CEO, and Arjun “AJ” Sharma as CFO.
- Najjar joined the company in 2015 and most recently served as the COO and Interim President & CEO.
- Price Action: CIR shares are trading higher by 6.40% at $18.95 on the last check Thursday.
JPMorgan’s Jamie Dimon Raises Alarm Over Potential Global Market ‘Rebellion’ Due To Record US Debt: ‘That Hockey Stick Doesn’t Start Yet’
The growing U.S. national debt has been a topic of concern for some time now. The national debt surpassed $34 trillion at the start of 2024, marking a significant increase from when it first hit the $1 trillion mark in 1982.
