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Fly News Breaks for October 1, 2019
NVT
Oct 1, 2019 | 07:14 EDT
As previously reported, RBC Capital analyst Deane Dray downgraded nVent Electric to Sector Perform and lowered his price target to $24 from $30, saying the announcement of a CFO change last night made just 5 quarters as a public company was "unsettling" and "unexpected". The analyst warns that investors should brace for a "choppy" Q3 following an operating guidance miss in Q2 and "somber" forecasts made by the management in recent conferences. Dray adds that the takeout potential for nVent Electric has also dimmed.
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