RBC Capital lowered the firm’s price target on nVent Electric to $57 from $60 and keeps an Outperform rating on the shares. The company reported a solid quality Q3 operating beat with a 4% above-consensus guidance boost, though destocking is expected to continue in Q4 and there are pockets of industrial slowing, the analyst tells investors in a research note. The firm adds however that nVent remains attractively positioned across a number of secular drivers.
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Read More on NVT:
- nVent Electric (NYSE:NVT): Goldman Sachs Analyst Bullish Following Mixed Q3 Results
- nVent Electric price target lowered to $65 from $67 at Barclays
- nVent Electric sees Q4 adjusted EPS 73c-75c, consensus 72c
- nVent Electric raises FY23 adjusted EPS view to $3.01-$3.03 from $2.85-$2.91
- nVent Electric reports Q3 adjusted EPS 84c, consensus 73c
