Barclays on Rexnord Corp; PT of $37

In a research note released Wednesday, Barclays analyst Scott R. Davis initiated coverage on Rexnord Corp. RXN with an Overweight rating and a price target of $37.00. The firm has raised its price target to $37.00 from $26.00. In addition, the company is raising its earnings per share estimates to $1.70 from $1.65; the firm is also raising its 2016 estimates to $2.15 from $1.75. The firm continued to say that the timing of this report comes on the increased confidence in RXN's ability to execute on M&A and also drive up higher-than-expected operating leverage. Barclays also stated that RXN has a strong operating foundation, it also stated, "In 2018, for example (calendar 2017), RXN thinks it has earnings potential in the ~$3 range, we see potential above that ($3.50-4.00 range)." Shares of the company are up five perent today, and are up 13 percent year to date.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsGuidance
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!