nVent Electric price target lowered to $88 from $89 at RBC Capital

RBC Capital analyst Deane Dray lowered the firm’s price target on nVent Electric to $88 from $89 but keeps an Outperform rating on the shares. The company generated an operating beat relative to its estimates with a modest guidance boost that was consistent with the management’s bias to under-promise early in the year, the analyst tells investors in a research note. nVent’s energy transition funnel remains strong and its destocking pressures are also diminishing, the firm added.