Regal Rexnord price target raised to $200 from $185 at Loop Capital

Loop Capital raised the firm’s price target on Regal Rexnord to $200 from $185 and keeps a Buy rating on the shares as part of a broader research note. The firm is cutting its FY24 EPS view by 15c to $9.95 to reflect early HVAC shipment data but also cites a more favorable multiple backdrop in raising its price target, along with the ongoing gains from 80/20 actions, a more growth-centric mix, and strong margin improvement runway for the company that includes the pending Industrial divestiture and synergy savings, the analyst tells investors in a research note.