Jefferies Cuts Price Target on Diversified Industrial Stocks

Analysts at Jefferies are taking down estimates and price targets for a host of Diversified Industrial names Thursday saying they expect industrial activity to moderate further and push the mid-cycle to late 2012. However, the firm said valuations are compelling.

Top picks are IDEX Corporation (NYSE: IEX), Actuant Corporation (NYSE: ATU), Pentair, Inc. (NYSE: PNR) and AO Smith Corp. (NYSE: AOS).

Price Target Cuts:
Altra Holdings, Inc. (Nasdaq: AIMC) (Buy) from $28 to $24
AO Smith Corp. (NYSE: AOS) (Buy) from $53 to $47
Barnes Group Inc. (NYSE: B) (Hold) from $25 to $22
Flowserve Corp. (NYSE: FLS) (Buy) from $150 to $137
Gorman-Rupp Co. (NYSE: GRC) (Buy) from $39 to $34
Harsco Corporation (NYSE: HSC) (Hold) from $33 to $22
IDEX Corporation (NYSE: IEX) (Buy) form $55 to $49
Kaman Corporation (Nasdaq: KAMN) (Hold) from $36 to $30
MSC Industrial Direct Co. Inc. (NYSE: MSM) (Hold) from $77 to $64
Northwest Pipe Co. (Nasdaq: NWPX) (HOLD) from $26 to $22
Regal Beloit Corporation (NYSE: RBC) (Buy) from $78 to $71
Thermon Group Holdings, Inc. Co (NYSE: THR) (Buy) from $18 to $17
Tennant Company (NYSE: TNC) (Hold) from $42 to $37
TriMas Corporation (NYSE: TRS) (Hold) from $24 to $17

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