Baird lowered the firm’s price target on Regal Rexnord to $187 from $211 and keeps an Outperform rating on the shares. The firm lowering its estimates to reflect softer revenue assumptions in 2H23 and 2024. Baird said Regal Rexnord remains one of our top ideas into 2024 and beyond, and we see a bottom in estimates/revenue levels/sentiment materializing over the next 1-2 quarters, which it believes will serve as a catalyst for the stock.
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