Watts Waters (WTS) PT Raised to $225 at Baird

Baird analyst Michael Halloran raised the price target on Watts Waters (NYSE: WTS) to $225.00 (from $212.00) while maintaining a Neutral rating.

The analyst commented: "1Q healthily exceeded expectations aided by extra shipping days, acquisition outperformance, and robust margins offsetting muted underlying dynamics. End market headwinds remain (depressed leading indicators), and management has taken a prudent approach to guidance (raised by less than 1Q overage), which we believe more than captures end market risk. Consequently, we continue to see paths for upside including incremental margin expansion particularly given management’s best-in-class execution/expectation management. That said, multi-year outlook remains murky, and we look for greater multi-year conviction at these multiples to turn constructive."

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