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Fly News Breaks for October 2, 2018
RXN
Oct 2, 2018 | 20:06 EDT
Goldman Sachs analyst Joe Ritchie initiated Rexnord with a Neutral rating and a price target of $31 as part of his broader research note on SMID industrials that are "setting up for strong end to 2018". The analyst says the stock features a "balanced construction/general industrial mix", particularly as it relates to leverage to replacement demand in non residential construction. Ritchie expects organic growth of 5% in FY19 and 4% in FY20, but also believes that the shares are fully valued and improvement going forward will slow down.
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