Seaport Global Securities Downgrades Regal Beloit (RBC) to Neutral
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Seaport Global Securities downgraded Regal Beloit (NYSE: RBC) from Accumulate to Neutral with a price target of $64.00 (from $68.00).
Analyst Walt Liptak commented, "We recently caught up with RBC management. Overall, we believe that the 2016 outlook remains uncertain due to negative sector exposure, especially O&G, both direct and indirect. We believe that the general industrial sector remains weak, and could be a negative headwind for short-term earnings. As a result, we are lowering our rating to Neutral from Accumulate and lowering our price target to $64 from $68. We are lowering our 2016 and 2017 EPS estimates as a result of persistently weak industrial markets. Our new 2016 and 2017 EPS estimates are $4.35 (from $4.37 previously) and $4.70 (from $4.71), respectively. RBC's valuation is below our SGS Electrical Products Group. Our new $64 price target equates to a 2017E P/E of 13.6x, which is in line with the comparable group average multiple."
Shares of Regal Beloit closed at $58.18 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Cowen Downgrades Under Armour, Inc. (UA) to Market Perform
- Oppenheimer Raises Price Target on Capital One Financial (COF) Following 3Q Report
- Jefferies Cuts Price Target on Waters Corp. (WAT) Following Revenue Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!