UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Regal-Beloit Corporation Ahead of Earnings Call

In a report published Tuesday, Morgan Stanley analyst Nigel Coe reiterated an Equal-Weight rating on

, but removed the $78.00 price target. In the report, Morgan Stanley noted, “RBC reported headline EPS of $0.97, excluding $1.65 of impairments, 4c of restructuring and 2c from transaction costs, which compares to $0.74 MSe and $0.84 consensus. All said, the company posted a 2c core beat vs. cons, with 1c of benefit from a lower than expected share count and an 11c benefit from tax rate (6.5% ETR ex-items vs. 18% guide). However, 1Q14 EPS of $0.99-1.07 ex 9c of items is pitched well below Street/MSe at $1.15/$1.13.” Regal-Beloit Corporation closed on Monday at $73.52.