Oppenheimer Raises Price Target on Mueller Water Products, Inc. (MWA) After Meeting with Management
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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."
Shares of Mueller Water Products closed at $13.38 yesterday.
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