Ralliant initiated with an Overweight at Barclays

Barclays analyst Julian Mitchell initiated coverage of Ralliant (RAL) with an Overweight rating and $60 price target The firm says the company offers a “rare breed” in multi-industrials. Ralliant is a “pure play, high-quality asset” with depressed cycle dynamics for sales and margins, the analyst tells investors in a research note. The firm views the stock’s valuation as “undemanding” at current levels.