JPMorgan initiated coverage of Regal Rexnord (RRX) with an Overweight rating and $200 price target representing 40% upside. The firm has conviction in the company’s transformation from a legacy parts vendor to an “innovative, integrated industrial solutions powerhouse.” Rexnord is undergoing a transition toward early-stage, high-growth secular end markets, the analyst tells investors in a research note. JPMorgan expects a growth inflection in fiscal Q3 after five-straight quarters of revenue growth declines.
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