Rosenblatt Starts Xylem (XYL) at Neutral
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Rosenblatt analyst Scott Graham initiates coverage on Xylem (NYSE: XYL) with a Neutral rating.
The analyst comments "Our initial rating of Neutral contemplates our positive long-term view on XYL's fundamentals versus a weaker near-term outlook. Sales and earnings slowed significantly in 2019 and we expect them to decline in 1H20 on industrial short-cycle weakness, project push-outs, mix, inflation and sales spending. We are expecting a 2H20 recovery but our 2020E EPS are below the Street. Longer-term, we favor the dynamics of XYL's water markets, how its sales strategies and prop technologies match market trends and its cost-cutting ability. But our estimates suggest the stock is fairly valued."
Shares of Xylem closed at $87.05 yesterday.
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