Flowserve supplies fluid motion controls and instrumentation to nuclear plants, with that side of the business currently accounting for about 5% of total revenue.
TD Cowen sees 11% upside for Flowserve with a stock price target of $57.
TD Cowen sees a big opportunity servicing nuclear reactors for maintenance, repair, advanced diagnostics and retrofitting.
"This is especially pertinent for the U.S. market, given it has the largest amount of existing nuclear reactors in the world," Giordano told clients.
Nuclear plants with the equivalent of 85 gigawatts of capacity are in various stages of shutdown across the U.S. and Europe, according to TD Cowen.
Persons:
TD Cowen, Cowen, Joe Giordano, " Giordano, Flowserve, Giordano
Organizations:
Flowserve, Constellation Energy, U.S
Locations:
Michigan, Pennsylvania, Europe