UPDATE: Goldman Sachs Initiates Coverage on Rexnord

According to a research report published this morning, Goldman Sachs has initiated Rexnord

with a Neutral rating and $24 PT. Goldman Sachs commented in the report, "We initiate coverage of Rexnord, a $2.2bn market cap diversified industrial growth company, with a Neutral rating and 12-month price target of $24 (9.5x CY12E EBITDA). RXN has leading positions in Process & Motion Control (65% sales) and Water Management (35%), with #1-2 positions in 85% of sales, with high recurring revenue, consistent free cash and attractive late cycle exposure." Rexnord closed yesterday at $22.02.