nVent Electric price target raised to $89 from $72 at RBC Capital

RBC Capital raised the firm’s price target on nVent Electric to $89 from $72 and keeps an Outperform rating on the shares. The company’s offerings consist of mission-critical products where the cost of failure is high for the operator, and the nVent product itself is a small portion of the total bill of materials, the analyst tells investors in a research note. This dynamic, as well as nVent’s strong brands associated with reliability, positions nVent Electric nicely as the market leader for its niche products, the firm added.