Barclays Lifts Regal Rexnord Corporation (RRX) Price Target amid Robust Order Growth

Regal Rexnord Corporation (NYSE:RRX) is one of the best breakout stocks to invest in. On November 3, Barclays analyst Julian Mitchell increased Regal Rexnord Corporation’s (NYSE:RRX) price target to $165 from $161 while reiterating an Overweight rating. The positive stance is in response to what the research firm touts as data center exposure becoming increasingly material than expected.

That was evident as the company confirmed a 10% order growth at the Baird 55th Annual Global Industrial Conference on November 12. An increased focus on data centers, the medical sector, and automation is driving growth. Likewise, it expects the data center business to double in the next two years, backed by a billion-dollar pipeline. Regal Rexnord is also experiencing tremendous growth in the provision of surgical robots and humanoids, amid impressive strides in the aerospace segment.

“This year, we have booked about $30 million of humanoid-related orders with multiple OEM customers and are working on a $100 million bid pipeline. Some forecasts for the humanoid market call for tremendous growth. The bottom line here is we are well positioned for growing demand technologically and in our ability to produce at scale on a global basis. Aerospace is another strategic focus. Our aerospace business is roughly $350 million, includes products such as servo motors, actuators, bearings, couplings, and seals,” said CEO Louis Pinkham

Regal Rexnord Corporation (NYSE:RRX) is a company that manufactures and provides engineered solutions for powering, transmitting, and controlling motion across various industries. It produces products such as electric motors, power transmission components, and automation controls, serving markets including industrial, commercial, aerospace, and energy.

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Disclosure: None. This article is originally published at Insider Monkey.