UPDATE: BMO Capital Markets Downgrades Rexnord to Market Perform on Valuation

BMO Capital Markets downgraded Rexnord 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.