Regal Rexnord initiated with a Buy at Citi

Citi initiated coverage of Regal Rexnord with a Buy rating and $200 price target While investor interest in short-cycle machinery names has increased, Citi prefers to remain selective amongst short cycle stocks amid the current macro environment, the analyst tells investors in a research note. The firm likes Regal’s 50% exposure to secular markets, “solid” growth outlook and further anticipated synergy capture from the Regal-PMC merger and Altra acquisition.