RBC Bearings price target raised to $275 from $265 at Truist

Truist analyst Michael Ciarmoli raised the firm’s price target on RBC Bearings to $275 from $265 and keeps a Buy rating on the shares. The company’s mixed results in Q1 were offset by extremely strong gross margins that surprised to the upside, the analyst tells investors in a research note. RBC’s gross margin expansion is now happening at a faster pace than previous expectations and sustained volume growth likely points to further margin expansion in the coming periods, the firm added.