GTLS - Colfax downgraded by Goldman Sachs to Neutral

Colfax (CFX -0.1%) was downgraded by Goldman Sachs to Neutral from Buy with a price target of $51, down from $53. The analyst says his estimates are no longer differentiated versus consensus and that he sees less potential for the stock to re-rate at this point in the cycle. However, the Wall Street analyst rating on the stock is Bullish with a price target of $54.26. The Goldman Sachs analyst noted that the stock has outperformed year-to-date and it's hard to argue for multiple re-rating here given the early cycle nature of both segments and the free cash flow characteristics. The chart below takes a look at YTD stock performance of industry peer Chart Industries (GTLS +1.1%).

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Colfax downgraded by Goldman Sachs to Neutral