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.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NVT:
- nVent Electric price target raised to $130 from $115 at Roth Capital
- nVent Electric price target raised to $140 from $111 at Goldman Sachs
- nVent Electric price target raised to $131 from $114 at Citi
- nVent Electric price target raised to $130 from $115 at Barclays
- nVent Electric added to US Conviction List at Goldman Sachs