FLS - Flowserve stock slumps 5% after downgrade by Credit Suisse

Flowserve (FLS) downgraded to Neutral from Outperform by Credit Suisse analyst John Walsh.Price target revised to $38 from earlier $31.The analyst notes that a combination of COVID-19 and geopolitically driven, plus unexpected, oil price cuts resulted in a dramatic price decline in March 2020.Overall, Walsh currently sees a more balanced risk/reward scenario for Flowserve.He also sees a lack of catalysts, absent earnings, in first half of 2021.A comparative price performance of of teh stock agaonst peers and S&P 500 below.

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Flowserve stock slumps 5% after downgrade by Credit Suisse