nVent Electric initiated with an Outperform at William Blair

William Blair analyst Brian Drab initiated coverage of nVent Electric with an Outperform rating. Electrification is driving more power and data usage, and nVent’s critical solutions add efficiency and resiliency within relevant end markets, the analyst tells investors in a research note. The firm says the company is the leading supplier of enclosures in North America and a global leader in electrical and fastening solutions and thermal management. It sees opportunity for modest multiple expansion given its expectations for sustained mid-single-digit organic revenue growth and low-double-digit earnings growth.