Goldman Sachs Starts Watsco (WSO) at Neutral On Valuation
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Price: $87.77 -0.65%
Rating Summary:
3 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
3 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade WSO Now!
Goldman Sachs initiates coverage on Watsco (NYSE: WSO) with a Neutral rating and $80 price target.
The firm said while they are positive on the story longer term, the 12-month valuation upside is just in-line to slightly below-average versus their coverage.
Longer-term they are positive, given: "(1) US resi HVAC volumes remain below mid-cycle (2014), with significant pent-up demand, (2) WSO has a strong inorganic growth record in North America HVAC distribution, with several JVs with Carrier (UTX) potentially expanding to other OEMs over time, and (3) a unique “social contract” (commitment to returning cash to shareholders) with a current dividend yield of 3.2%."
For an analyst ratings summary and ratings history on Watsco click here. For more ratings news on Watsco click here.
Shares of Watsco closed at $77.83 yesterday, with a 52 week range of $50.45-$78.09.
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The firm said while they are positive on the story longer term, the 12-month valuation upside is just in-line to slightly below-average versus their coverage.
Longer-term they are positive, given: "(1) US resi HVAC volumes remain below mid-cycle (2014), with significant pent-up demand, (2) WSO has a strong inorganic growth record in North America HVAC distribution, with several JVs with Carrier (UTX) potentially expanding to other OEMs over time, and (3) a unique “social contract” (commitment to returning cash to shareholders) with a current dividend yield of 3.2%."
For an analyst ratings summary and ratings history on Watsco click here. For more ratings news on Watsco click here.
Shares of Watsco closed at $77.83 yesterday, with a 52 week range of $50.45-$78.09.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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