UPDATE: Buckingham Research Starts nVent Electric (NVT) at Buy

(updated to add analyst name and comment)

Buckingham Research analyst Robert Barry initiates coverage on nVent Electric (NYSE: NVT) with a Buy rating and a price target of $30.00.

The analyst comments "Our constructive thesis reflects: (1) ~9% EPS growth in 2019/'20, underpinned by healthy end markets and some margin self-help; (2) An outlook for 2019 we think is achievable and leaves room for potential upside; (3) Strong FCF and significant upside from capital deployment, including bolt-on M&A and repo's; and (4) Opportunities for multiple expansion as this new standalone public company executes on its growth/margin targets and pursues a disciplined capital deployment strategy. We think valuation is reasonable at 10.5x our NTM EBITDA vs. peers at similar levels."

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 $26.21 yesterday.

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