KeyBanc Downgrades RBC Bearings (ROLL) to Sector Weight
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KeyBanc downgraded RBC Bearings (NASDAQ: ROLL) from Overweight to Sector Weight and removed its price target. Analyst Steve Barger sees risk/reward as balanced.
"We think ROLL has done an excellent job in consistently growing earnings, generating cash flow, and generating high returns on capital. That said, we note ROLL is one of the most expensive names on our list relative to other high-quality industrials in our coverage universe. Given the current environment of tough industrial end markets, challenging out-year consensus estimates, and the lack of a sizable revenue catalyst in the near term, we think the increased risk doesn’t justify the longer-term reward. As such we are downgrading the shares to SW from OW," said Barger.
Shares of RBC Bearings closed at $77.63 yesterday.
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