KeyBanc lowered the firm’s price target on Regal Rexnord to $148 from $184 and keeps an Overweight rating on the shares. While the firm appreciates end market weakness, KeyBanc is “frustrated” by execution challenges that came to light in the IPS segment, which puts Regal Rexnord in the penalty box and likely delays the valuation re-rate story. That said, the firm is confident management will get back on track, and continues to see a compelling EPS growth and deleveraging story over the next couple years.
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Read More on RRX:
- Regal Rexnord cuts FY adjusted EPS view to $9.05-$9.25 from $10.20-$10.60
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