RBC Capital Downgrades This Industrial Tools & Services Company

RBC Capital analyst Deane Dray downgraded Enerpac Tool Group Corp EPAC to Underperform from Sector Perform.
The analyst expects shares to lag, given ongoing oil & gas headwinds and the new CEO's sweeping business review, likely to keep the shares in limbo.
Dray added that initial FY22 guidance also seems "unappealingly" back-end weighted.
Recently, RBC Capital had lowered the price target to $20 (a downside of 4.4%) from $21 while maintaining Sector Perform rating on the shares.
Price Action: EPAC shares are trading lower by 1.39% at $20.63 during the premarket session on Wednesday.