Colfax unit receives favorable ruling in asbestos insurance case
Colfax announced that its Warren Pumps subsidiary received a favorable ruling in its asbestos insurance case. The decision issued October 14, 2009, by the Delaware Court of Chancery confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren's asbestos-related costs should be allocated among excess insurers using an "all sums" allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy's applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax's Imo subsidiary. The Company is currently evaluating the impact of this favorable ruling on its financial reporting and expects to record a gain in the third quarter. :theflyonthewall.com
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Today's noteworthy upgrades include: Polypore (PPO) upgraded to Outperform from Neutral at RW Baird...Kraton Performance (KRA) upgraded to Buy from Hold at KeyBanc...Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo...M.D.C. Holdings (MDC) upgraded to Buy from Neutral at Goldman...Tenneco (TEN) upgraded to Conviction Buy from Buy at Goldman...Kelly Services (KELYA) upgraded to Buy from Neutral at Citigroup...FedEx (FDX) upgraded to Buy from Neutral at BofA/Merrill...Colfax (CFX) upgraded to Buy from Neutral at BofA/Merrill...Comerica (CMA) upgraded to Outperform from Sector Perform at RBC Capital...Brown & Brown (BRO) upgraded to Outperform from Market Perform at William Blair...Disney (DIS) upgraded to Buy from Neutral at Davenport...Kenneth Cole (KCP) upgraded at Sterne Agee. :theflyonthewall.com
As previously reported, BofA/Merrill upgraded Colfax to Buy from Neutral. The firm cites accretion from the Charter International acquisition and geographic exposure for the upgrade. Price target raised to $42 from $30. :theflyonthewall.com
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