Analyst Note
| Krzysztof Smalec |We’ve increased our fair value estimate for narrow-moat Crane to $85 from $83 after the company reported strong first-quarter results, featuring a 27% year-over-year increase in adjusted operating profit. The fair value adjustment reflects our slightly more optimistic revenue growth and operating margin projections as well as time value of money. We view the stock as modestly undervalued, with shares currently trading in 4-star territory.