Rexnord (RXN) Stock Gets Rating Downgrade at Wedbush

NEW YORK (TheStreet) -- Rexnord Corp. (RXN) was downgraded to "neutral" from "outperform" at Wedbush on Thursday.

The firm said it lowered its rating on the multi-platform industrial company as it sees fewer catalysts over the next year given the company's guidance and weakness in its PMC sales, theflyonthewall.com reports.

Wedbush cut its price target on Rexnord to $27 from $32.

Shares of Rexnord are declining by 6.12% to $25.45 in mid-morning trading on Thursday.

On Wednesday afternoon the company reported its fiscal 2015 fourth quarter earnings results. Adjusted earnings were 54 cents per diluted share and net sales were $519 million.

Analysts had forecast for earnings of 49 cents per share on revenue of $555 million.

"Our fourth quarter results were broadly in line with our expectations with the exception of some weather and project-related delays that impacted fourth quarter sales in our Water Management platform," company CEO Todd Adams said in a statement.

Separately, TheStreet Ratings team rates REXNORD CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate REXNORD CORP (RXN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: RXN Ratings Report

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