Weir shares fell 7.5%, dragging engineering peers BAE Systems, Babcock and Melrose down with them, after a third-quarter update that left the City distinctly underwhelmed.
The mining equipment maker said orders rose 8% in the three months to September, or 5% stripping out acquisitions.
It also said it remains on track to meet full-year forecasts, with operating margins above 20%.
That was not enough. Jefferies said the order intake was unlikely to get investors excited, especially with rivals posting stronger numbers.
Minerals orders up 5% in aftermarket and 4% in original equipment on an organic basis would likely be seen as lacklustre, it said, though ESCO's 10% aftermarket growth was a decent print.
The broker expects little change to consensus forecasts, but warned the more bullish estimates could drift lower.
Weir is a good business trading at a discount to peers, Jefferies added, but it lacks near-term catalysts.
Peel Hunt was a touch warmer, calling the update solid.
It said the fourth quarter now comes down to delivering the large aftermarket backlog, which will decide where the full-year margin lands.
The broker forecasts operating profit of £570 million, slightly ahead of the £566 million consensus.
Peel Hunt flagged headwinds from weaker phosphate demand linked to the Middle East conflict and disrupted production in Chile.
It added that net debt finishing slightly above Weir's target range was already in its numbers.
The update was not a catalyst for a rerating on its own, it said, but any weakness would be a buying opportunity.
Both brokers kept buy ratings, with Jefferies targeting 3,735p and Peel Hunt 3,650p.
