nVent Electric initiated with a Buy at Citi

Citi initiated coverage of nVent Electric with a Buy rating and $62 price target. As a leader in electrical protection and connection products, nVent is a key beneficiary of an evolving electrical landscape that should support a multi-year growth runway for the company, the analyst tells investors in a research note. The firm sees the company’s long-term opportunity outweighing “some potential near-term noise.”