Goldman Sachs Starts Rexnord (RXN) at Neutral; Attractive Industrial Growth

May 8, 2012 7:19 AM EDT Send to a Friend
Get Alerts RXN Hot Sheet
Price: $26.93 -0.59%

Rating Summary:
    8 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Goldman Sachs initiates coverage on Rexnord (NYSE: RXN) with a Neutral. PT $24.00.

Analyst, Terry Darling, said, "RXN has leading positions in Process & Motion Control (65% sales) and Water Management (35%), with #1-2 positions in 85% of sales, with high recurring revenue, consistent free cash and attractive late cycle exposure. Management has a demonstrated track record of adding value via both systematic operational improvement and acquisitions, and identified M&A capacity of c.$200mn p.a. over the next 2 years. Valuation drives our Neutral rating after recent outperformance (+20% since IPO vs. S&P 500 flat)."

For an analyst ratings summary and ratings history on Rexnord click here. For more ratings news on Rexnord click here.

Shares of Rexnord closed at $22.02 yesterday.


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