UPDATE: Oppenheimer Lowering Price Target On Regal-Beloit

Oppenheimer & Co. is out with a research report on Regal-Beloit RBC and is lowering its price target to $71 from $77, but it has an Outperform rating on shares. In a note to clients, Oppenheimer & Co. writes, "We have updated our model for the EPC acquisition, closed Monday, August 22. We are adjusting our '11E EPS to $4.30 underlying EPS (excluding one-time warranty expense in 2Q11 and 50c one-time deal costs in 2H11) from $4.35. We are raising 2012E EPS to $5.50 from $5.15, ostensibly adopting the lower end of the guided 2012 EPC deal accretion of $0.35-0.45, but more wholly pulling back modestly on overall estimates, given economic uncertainty." Shares of RBC closed at $50.30 yesterday.