KeyBanc Starts Rexnord (RXN) at Buy
Get Alerts RXN Hot Sheet
Rating Summary:
8 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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KeyBanc initiated coverage on Rexnord (NYSE: RXN) with a Buy rating and a price target of $33.00.
Analyst Jeffrey Hammond said, "We believe RXN is favorably positioned to continue generating superior profitability as the Company’s skilled management team (1) executes on the differentiated Rexnord Business System (RBS) with a focus on continuous operational improvement and (2) benefits from exposure to insulated, high complexity applications with leading market share positions. With a strong track record of M&A, including the transformational acquisition of Zurn Industries in 2007, we expect RXN to continue deploying its robust FCF towards bolt-on M&A as the Company targets new end markets / geographies (though could eventually look to add a 3rd-platform). Moreover, we are encouraged by RXN’s disciplined, negotiations-only approach toward M&A, which, when combined with RXN’s proprietary pipeline, enables it to acquire its targets at attractive valuations."
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 $25.79 yesterday.
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