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Regal Rexnord (RRX) Sees Price Target Boost and Strong Buy Rating from Barclays Analyst

By Don Francis, Editor
April 3, 2024 6:45 AM UTC
Regal Rexnord (RRX) Sees Price Target Boost and Strong Buy Rating from Barclays Analyst

Barclays's Julian Mitchell raised their price target on Regal Rexnord (NYSE: RRX) by 1.5% from $200 to $203 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

In their Q1 2024 preview of the Industrials (Conglomerates) group, the analyst updated price targets for several companies. Mitchell expressed optimism about the sector, noting that order trends are expected to strengthen in Q2, following a positive Q1 that played out as predicted. Additionally, Mitchell highlighted signs of improvement in markets that have been under pressure, such as short-cycle industrials.

Alongside the price target increase for Regal Rexnord, Mitchell made changes to other companies in their portfolio. The new price targets and ratings are as follows:

- Eaton Corp PLC: The price target was raised by 20%, from $250 to $300, and the stock was upgraded from Strong Sell to Hold. - Allegion PLC: The price target was raised by 0.8%, from $121 to $122, and the Hold rating was maintained. - Dover Corp: The price target was raised by 10.4%, from $163 to $180, and the Hold rating was maintained. - Emerson Electric Co: The price target was raised by 10.5%, from $95 to $105, and the Hold rating was maintained. - Hubbell Inc: The price target was raised by 17.6%, from $340 to $400, and the Hold rating was maintained.

It is worth noting that 100% of top-rated analysts currently rate Regal Rexnord as a Strong Buy or Buy. None of the analysts consider it a Hold, and there are no recommendations to sell the stock. This indicates a positive sentiment towards the company among industry professionals.

Looking at the performance of Regal Rexnord, the stock has shown promising growth. Since its last quarterly report on 2023/12/31, the stock price has risen by 17.8%. Furthermore, on a year-over-year basis, the stock is up by 24.1%. However, during this period, Regal Rexnord has slightly trailed behind the overall performance of the S&P 500, which has seen a gain of 26.2%.

Barclays analyst Julian Mitchell is highly regarded within the financial industry. WallStreetZen ranks Mitchell in the top 1% out of 4,530 Wall Street analysts. With an average return of 12.4% and a win rate of 65.7%, Mitchell has consistently demonstrated expertise in analyzing stocks. Their specialization spans across various sectors, including Healthcare and Financial Services.

Regal Rexnord Corporation, formerly known as Regal Beloit Corp., is a company that manufactures industrial powertrain solutions, power transmission components, electric motors and electronic controls, and air moving products. The company sells its products directly to original equipment manufacturers and end-users through a network of direct and independent sales representatives, as well as distributors. Established in 1955, Regal Rexnord is headquartered in Beloit, WI.

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