Rosenblatt Starts AO Smith (AOS) at Neutral
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Rosenblatt analyst Scott Graham initiates coverage on AO Smith (NYSE: AOS) with a Neutral rating and a price target of $52.00.
The analyst comments "AOS generated well above-peer earnings growth for the 7 years after becoming a pure-play water company in 2010. The stock rocketed. But earnings inflected down in mid-2018 owing to slower resi markets in the U.S. and ROW/China. This year, China sales / earnings have plummeted and we expect EPS of -13%. We forecast AOS's earnings to turn positive y/y in 2Q20, driven by NA Water Heater replacement, Water Treatment and Boiler sales. But NA margin is, in our view, near a peak and we don't expect China sales / earnings to recover until 2H20 and then only slowly."
Shares of AO Smith closed at $51.89 yesterday.
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