Altra Industrial Motion downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst John Joyner downgraded Altra Industrial Motion (AIMC) to Market Perform from Outperform with a price target of $62, up from $50. The analyst said the rating change and new price objective follows Regal Rexnord’s (RRX) proposed acquisition of Altra for $62 per share. Joyner said that, from what he understands, Altra was not part of an organized selling process, as the deal appears to have been directly negotiated between the two companies.