Oppenheimer Raises FY11 EPS Estimate on Regal-Beloit

A report from Oppenheimer raises its FY11 EPS estimate from $4.25 to $4.35 on Regal-Beloit (NYSE: RBC). It also reiterates its Outperform rating and $68 price target.

The report states, “RBC reported adjusted 3Q EPS of $1.33 ($1.13 including a divestuture gain of 10c and acquisition accounting and expense of 30c), up 17% y-o-y, vs. our $1.12 estimate and $1.14 consensus. Recurring results are tough to analyze, given partial quarter with EPC and some FX gains, but net underlying profitability reflected upside from EPC (better mix and lower opex than anticipated) and C&I demand."

RBC closed yesterday at $52.34.

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