Rosenblatt Starts nVent Electric (NVT) at Buy

November 6, 2019 4:26 PM EST
Get Alerts NVT Hot Sheet
Price: $33.17 +0.36%

Rating Summary:
    7 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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Rosenblatt analyst Scott Graham initiates coverage on nVent Electric (NYSE: NVT) with a Buy rating and a price target of $28.00.

The analyst comments "NVT has been public since May 2018, following a spin-off from PNR. Earnings have largely been flat over this period owing to inflation, some execution issues and, more recently, slower short-cycle verticals. The stock has under-performed. But 3Q earnings showed a resilience to the industrial slowdown, attributable to NVT's portfolio quality, upgraded approach to sales, successful productivity and capital allocation. While we expect short-cycle verticals to slow further, we think downside to estimates is fairly limited. Even with the stock's recent bounce we see more upside as NVT still trades at wide discounts to peers. We expect +MSD EPS in 1H20 then an acceleration to +DD."

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

Shares of nVent Electric closed at $23.97 yesterday.

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