Oppenheimer Raises Price Target on Mueller Water Products, Inc. (MWA) After Meeting with Management

November 22, 2016 10:06 AM EST
Get Alerts MWA Hot Sheet
Price: $12.89 --0%

Rating Summary:
    10 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Oppenheimer reiterated an Outperform rating on Mueller Water Products, Inc. (NYSE: MWA), and raised the price target to $15.00 (from $13.00), after hosting meetings with management. Revenue increased 4.4% y/y in F4Q16, below ~10% expectations and temporarily pressuring the stock postreport. Management attributes the slowdown to a distributor inventory reset.

Analyst Jim Giannakouros commented, "We are incrementally confident in MWA's long-term upside after hosting meetings with CFO Evan Hart in Austin and Houston, TX. Topics were relatively consistent throughout the day, including core growth outlook (+MSD, with no reason to extrapolate the F4Q16 slowdown), potential upside from infrastructure stimulus (significant, in our view, over the intermediate term), and capital allocation priorities (M&A an increasing focus). With our positive core thesis unchanged (and both stimulus spending and bolt-on acquisitions representing realistic upside catalysts), we continue to view MWA as well positioned for strong earnings/cash flow growth and share price appreciation going forward. Reiterate Outperform."

For an analyst ratings summary and ratings history on Mueller Water Products click here. For more ratings news on Mueller Water Products click here.

Shares of Mueller Water Products closed at $13.38 yesterday.

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