Jefferies downgraded Regal Rexnord (RRX) to Hold from Buy with a price target of $160, down from $170. The firm says the company’s transformation is taking longer to execute. Regal Rexnord also faces higher uncertainty related to the CEO-transition that is yet to be finalized, the analyst tells investors in a research note. Jefferies believes the company’s demand recovery and deleveraging story is fairly priced in at current levels.
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