RBC Capital raised the firm’s price target on Ralliant (RAL) to $64 from $47 and keeps a Sector Perform rating on the shares after its Q1 earnings beat. The company impressively rebounded from the Q4 disappointments with improved earnings visibility on more than $1B Defense backlog and record Utility orders, boosted cost-out, and a stronger commitment to buybacks, the analyst tells investors in a research note. The tone of business also sounded encouraging, the firm added.
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