nVent Electric price target lowered to $80 from $82 at RBC Capital

RBC Capital lowered the firm’s price target on nVent Electric (NVT) to $80 from $82 and keeps an Outperform rating on the shares. The company’s Q3 results were “underwhelming”, with an implied 3% operating miss, uncertainty and noise with Thermal into discontinued operations, and muted growth with only a reaffirmed 2024 midpoint, the analyst tells investors in a research note. RBC adds however that Friday’s 8% selloff “looks overdone”, and it remains positive on the stock at current valuation.