Barclays analyst Julian Mitchell raised the firm’s price target on nVent Electric to $55 from $53 and keeps an Overweight rating on the shares post the Q1 results. The shares reacted negatively to the company’s disclosure during the earnings call that orders were down in March and April, the analyst tells investors in a research note. However, the firm thinks this should not be a surprise given the U.S. ISM new orders have been less than 50 for close to six months.
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Published first on TheFly
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