UPDATE: Goldman Sachs Resumes Rexnord with Neutral on Continued Core Headwinds

In a report published Monday, Goldman Sachs analyst Samuel H. Eisner resumed coverage on Rexnord Corp. RXN with a Neutral rating and $18.00 price target. In the report, Goldman Sachs noted, “We resume coverage of RXN at Neutral with an $18, 12-month price target. Continued headwinds in the company's core industrial businesses (mining) and long-tailed weakness in water infrastructure keep us on the sidelines. Despite the company's high debt load (3.9x EBITDA, which is the highest in our universe), we believe cash generation remains solid and should support interest and debt reduction over the foreseeable future.” Rexnord Corp. closed on Friday at $16.85.