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UPDATE: Barrington Research Reiterates Outperform Rating, Raises PT on RBC Bearings Incorporated

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In a report published Monday, Barrington Research reiterated its Outperform rating on RBC Bearings Incorporated (NASDAQ: ROLL), and raised its price target from $50.00 to $52.00.

Barrington noted, “We reiterate our OUTPERFORM rating. We are increasing our price target to $52 from $50 due to 2013 earnings visibility, Q1/13 gross margin performance above our forecast and strong aerospace trends. Our $52 price target equates to 2013 EV/EBITDA multiple of 10.0x. As described in the chart on the next page, ROLL's backlog has been stable at $216 million for the last three quarters. We believe that the trend continues to be slower industrial ordering offset by growing aerospace orders. During Q1/13, aerospace ordering was impacted by new contract negotiations, which should result in stronger Q2/13 backlog growth. We are somewhat cautious on the near-term sales forecast due to the headwinds discussed in this report. However, the aerospace sector production ramp and ROLL's expanding gross margin should result in a very solid 2013 EPS growth year.”

RBC Bearings Incorporated closed on Friday at $46.37.

Latest Ratings for ROLL

DateFirmActionFromTo
Mar 2015Avondale PartnersUpgradesMarket PerformOutperform
Mar 2015Avondale PartnersInitiates Coverage onMarket Perform
Feb 2014Bank of AmericaUpgradesNeutralBuy

View More Analyst Ratings for ROLL
View the Latest Analyst Ratings

Posted-In: Barrington ResearchAnalyst Color Price Target Analyst Ratings

 

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