UPDATE: Bank of America Initiates Rexnord Corporation with Neutral, $18 PO on Growth Headwinds

Bank of America initiated its Buy rating on Rexnord Corporation

with a Neutral rating and a price objective of $18. Bank of America commented, "Rexnord is a diversified industrial company focused on two product platforms: Process & Motion Control (PMC) and Water Management (WM). We view the company's portfolio of businesses as having attractive growth and return characteristics over time; but in our view the company is facing headwinds due to slowing of some of its key end markets, including North American mining, water treatment, and Europe. We forecast FY13/14 EPS of $0.94 and $1.22." Rexnord Corporation closed at $15.58 on Wednesday.