RBC Capital analyst Deane Dray raised the firm’s price target on nVent Electric (NVT) to $133 from $117 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company fired on all cylinders, posting better- than-expected 16% organic sales growth, outsized +65% total orders growth, 20% sequential backlog growth, and high-earnings-quality 170% free cash flow conversion, the analyst tells investors in a research note. nVent is now doubling manufacturing capacity after already filling its quadrupled capacity completed just last year, the firm added.
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