Regal Rexnord's FY23 Analyst Forecast: Anticipated Revenue Jump And Long-Term Profit Improvements Despite Short-Term HVAC Challenges
Portfolio Pulse from Nabaparna Bhattacharya
Oppenheimer analyst Christopher Glynn reiterated an Outperform rating on Regal Rexnord Corporation (NYSE:RRX) with a price target of $190. Glynn expects 2Q23 results to have an adjusted EPS of $2.40, with a slight downside due to caution by HVAC OEMs. Despite short-term HVAC challenges, the analyst expects a revenue jump and long-term profit improvements for FY23. RRX shares are trading higher by 2.35% to $152.28.
July 07, 2023 | 6:29 pm
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Regal Rexnord Corporation (RRX) is expected to see a revenue jump and long-term profit improvements in FY23, despite short-term HVAC challenges. The company's shares are currently trading higher.
The analyst's positive outlook on RRX, despite short-term HVAC challenges, indicates a strong belief in the company's ability to improve profits in the long term. This, coupled with the current increase in the company's share price, suggests a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100