UPDATE: Barrington Research Upgrades Regal-Beloit Corporation to Outperform, Names $75 PT on Diverse Portfolio, Net Sales Growth

In a report published Wednesday, Barrington Research analyst Rudolf A. Hokanson upgraded the rating on

from Market Perform to Outperform, and named a $75.00 price target. In the report, Barrington Research noted, “We are raising our investment rating on Regal-Beloit Corp. to an OUTPERFORM from a MARKET PERFORM. We are establishing a price target of $75 in the next 12 months based on P/E and TEV/EBITDA metrics. While subject to cyclicality, their portfolio is diverse between early, mid and late times in an economic cycle. RBC has been a successful acquirer of businesses that can improve margins and Regal's geographic footprint. Growth of net sales has averaged about 12% CAGR since 2005 and we expect it to continue, if not accelerate, as the global marketplace is demanding more energy-efficient products from the markets that RBC serves.” Regal-Beloit Corporation closed on Tuesday at $62.85.