Regal Rexnord price target lowered to $145 from $185 at Loop Capital

Loop Capital lowered the firm’s price target on Regal Rexnord to $145 from $185 but keeps a Buy rating on the shares. The company’s second half of 2023 is proving to be substantially weaker than expected, with a Q3 earnings miss and a guidance cut reported last week, the analyst tells investors in a research note. While destocking across the industrial, residential, and commercial HVAC markets is a substantial drag on the back-half of this year however, Loop also sees a fairly positive set-up into 2024, particularly following the recent sell-off, the firm adds.