Flowserve ( NYSE: FLS ) on Thursday was downgraded to Neutral from Outperform by analysts at Credit Suisse after the maker of pumps and other equipment announced that its Q3 earnings will be lower than estimated previously.
Flowserve has declined about 14% since its closing price of $31.90 a share on Tuesday. After the close of regular trading, the company said one-time expenses and technical disruptions will reduce third-quarter EPS by $0.18 to $0.22.
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Flowserve downgraded to Neutral at Credit Suisse after Q3 preview