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SMALL BUSINESS
Ahead of the Bell: Colfax shares downgraded
AP
NEW YORK -Shares of Colfax Corp., a pump and valve maker, were downgraded Friday following recent gains in its stock and little sign of catalysts that might propel the shares higher.
KeyBanc analyst Jeffrey D. Hammond downgraded the stock of the Richmond, Va. company to "Hold" from "Buy," saying shares have staged a solid recovery over the past several months.
Since the analyst upgraded the stock on June 26 it has climbed 53 percent. The broader market, as measured by the Standard & Poor's 500 index, rose 19 percent over the same time period.
Further, two factors threaten next year's performance: A recent increase in business from power generation companies appears to have peaked; and prospects for new business from boat companies remain uncertain.
"We believe Colfax's current backlog and order momentum (excluding cancellations in commercial marine) should position the company for a solid second half of 2009; however, we would look for greater visibility into 2010 before becoming more constructive," he wrote in a client note.
Shares closed Thursday at $12.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-16 09:09:58
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