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Fly News Breaks for September 3, 2019
RXN
Sep 3, 2019 | 09:10 EDT
As reported previously, Baird analyst Mig Dobre downgraded Rexnord to Neutral from Outperform. The analyst said management has executed well over the past three years but the multiple is yet to sustain premium SMID industrial levels. He said with slowing US IP and slowing non-residential construction, he sees lower earnings upside or the potential for a higher multiple. Dobre lowered his price target to $29 from $33 on Rexnord shares.
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