UPDATE: Oppenheimer Lowers PT on Regal-Benoit to $71

Oppenheimer is out with its report today on Regal-Benoit RBC, lowering its PT to $71 from $77. In its report, Oppenheimer writes, "We are lowering our PT to $71 from $77, 13x '12E EPS, which compares conservatively to RBC's mid-cycle historical average multiple of about 15x, but more realistic relative to the current market multiple. Our PT indicates 43% upside potential, including 1.4% dividend yield." Oppenheimer maintains Outperform on RBC. Shares of RBC closed Tuesday at $50.30, up 1.19% from Monday's close.
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