Deutsche Bank Downgrades Rexnord (RXN) to Sell
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Price: $64.95 --0%
Rating Summary:
8 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
8 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Deutsche Bank downgraded Rexnord (NYSE: RXN) from Hold to Sell with a price target of $19.00 (from $21.00).
The firm comments, "Rexnord is currently trading at just over $21 per share – a roughly 6-month high – and up roughly 40% from the lows in mid-August. At >$21 per share, RXN shares appear fully valued and share price could be pressured given macro uncertainties and elevated expectations, in our view. We remain particularly concerned about mining end markets which represent one of the company’s largest customer exposures at an estimated 18% of sales this year. While Rexnord's mining-related sales have been trending up y/y, mining orders in the most recent quarter were down. Moreover, coal mining order trends sequentially deteriorated (coal represents roughly 1/3 of mining)."
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 $21.18 yesterday.
The firm comments, "Rexnord is currently trading at just over $21 per share – a roughly 6-month high – and up roughly 40% from the lows in mid-August. At >$21 per share, RXN shares appear fully valued and share price could be pressured given macro uncertainties and elevated expectations, in our view. We remain particularly concerned about mining end markets which represent one of the company’s largest customer exposures at an estimated 18% of sales this year. While Rexnord's mining-related sales have been trending up y/y, mining orders in the most recent quarter were down. Moreover, coal mining order trends sequentially deteriorated (coal represents roughly 1/3 of mining)."
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 $21.18 yesterday.
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