Flowserve falls after TD Cowen downgrades to 'hold'
Yesterday 12:27
BUZZ-Flowserve falls after TD Cowen downgrades to 'hold' ** Shares of industrial pumps maker Flowserve FLS.N down 2.4% at $78.05 in premarket trading
** TD Cowen downgrades stock to "hold" from "buy"
** Brokerage sees tough setup into results "where outlook likely needs to be lowered"
** Cuts PT to $70 from $85, representing a 12.5% downside to stock's last close
** Says there is an apparent hesitancy to walk back commitments given the progress co had made on track record ahead of the Iran war
** Median PT of 13 brokerages covering the stock is $91 - data compiled by LSEG
** As of last close, stock up 15.3% YTD
(Reporting by Anshuman Tripathy)