UPDATE: BMO Capital Markets Downgrades Rexnord to Market Perform on Valuation
BMO Capital Markets downgraded Rexnord (NYSE: RXN) from Outperform to Market Perform and maintained a $21.00 price target.
BMO Capital Markets commented, "We are downgrading Rexnord to Market Perform from Outperform as we believe the shares appear full valued amid mixed demand in the Water Management and Process & Motion Control end markets as well as weakness in Europe and Asia. … Several companies that compete with or are in markets similar to Rexnord expect either a weak or slow growth environment in 2013 in key end markets such as mining, motion control, and water & wastewater."
Rexnord closed at $20.33 on Wednesday.
Latest Ratings for RXN
|Apr 2014||Bank of America||Downgrades||Neutral||Underperform|
|Jan 2014||Credit Suisse||Upgrades||Neutral||Outperform|
|Jul 2013||Goldman Sachs||Reinstates||Neutral|
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