Wedbush Downgrades Rexnord (RXN) to Neutral

Wedbush downgraded Rexnord (NYSE: RXN) from Outperform to Neutral with a price target of $27.00 (from $32.00) and removed the stock from their Best Ideas List.

Analyst David Rose commented, "Downgrading and removing from BIL as we see few catalysts over next year. Based on the weaker-than-expected outlook and persistent and further weakness in PMC sales, we believe RXN shares will be challenged over the next 12 months and are downgrading the shares to NEUTRAL. We do not believe the business is broken; however, we see a much longer and uneven path in unlocking value."

The firm is reducing Q1 and FY2016 EPS estimates to $0.20 and $1.23 from $0.30 and $1.61, respectively.

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 $27.13 yesterday.

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Va Tech Wabag Ltd. (VATW:IN) PT Raised to INR2,410 at ICICI Securities
• Stantec Inc. (STN:CN) (STN) PT Lowered to Cdn$169 at Desjardins