Barclays Raises PT/Estimates on Watsco (WSO) On JV Announcement; Maintains 'Underweight' - Still Bearish on HVAC Markets

Barclays maintains an 'Underweight' on Watsco (NYSE: WSO) price target raised from $68 to $74.

Analyst, Scott Davis, said, "Further Joint Ventures (JV) continue WSO's diversification into new geographies, higher-end brands, and different seasonality. WSO has a clear path to further cash reinvestment with options to buy additional stakes in the original Sunbelt JV. We remain structurally bearish on HVAC markets (R22 issues, consumer financing constraints, etc), but view WSO as a good house in a bad neighborhood."

Barclays raises FY12 from $3.10 to $3.25 and FY13 from $3.70 to $4.00

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 $74.11 yesterday.

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