Why Flowserve Stock Dropped 11% Thursday
Wall Street doesn't always seem to make sense -- as investors in industrial flow management equipment maker Flowserve (NYSE: FLS) learned Thursday after their company reported earnings that, by all accounts, beat analyst estimates pretty soundly. Whether calculated according to GAAP accounting standards, or the more lenient "adjusted earnings" variety that's become more popular on Wall Street, Flowserve's Q3 earnings of $0.36 (GAAP) and $0.37 (adjusted) easily topped Wall Street's predicted $0.34 in per-share profits for the quarter.
Nonetheless, Flowserve stock closed the day down 11% on the news. Why?
Despite beating earnings, Flowserve stock is circling the drain Thursday. Image source: Getty Images.
Source: Fool.com
Flowserve Corp. Stock
€44.60
2.290%
With 18 Buy predictions and not the single Sell prediction the community is currently very high on Flowserve Corp..
As a result the target price of 51 € shows a slightly positive potential of 14.35% compared to the current price of 44.6 € for Flowserve Corp..
