As previously reported, Oppenheimer analyst Christopher Glynn downgraded Regal Beloit to Perform from Outperform due to relative devaluation of the group as material context for low headline multiples, against his view that the portfolios lack cyclical or strategic differentiation against the current backdrop. The analyst says he will keep a "watchful eye" on simplification benefits, but margin improvement at C&I has been slow, absorbing supply chain challenges, then inflation, while now, short-cycle macro trends could limit further organic growth. Glynn believes Regal Beloit organic typically concentrates in early cycle recovery, which tailwinds may be more mature than ahead