RBC Bearings downgraded at BofA on lack of incremental upside

As previously reported, BofA downgraded RBC Bearings (RBC) to Neutral from Buy with a price target of $335, up from $330. While the firm continues to view RBC as “a quality business,” it sees little incremental upside to the existing growth outlook, the analyst tells investors. While M&A and operational improvements continue to be foundational to growth, the firm sees the space as highly competitive and questions the number of opportunities at reasonable valuations in the near-term, the analyst added.