KeyBanc analyst Jeffrey Hammond downgraded nVent Electric to Sector Weight from Overweight without a price target. Non-residential construction likely to remain resilient in 2023, but moderating orders and backlog growth are likely to weigh on the stocks, Hammond tells investors in a research note. The analyst recommends switching into early-cycle names. nVent faces a "choppier" road ahead given slowing orders against tough compares, says Hammond.
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