Rosenblatt Upgrades AO Smith (AOS) to Buy
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Rosenblatt analyst Scott Graham upgraded AO Smith (NYSE: AOS) from Neutral to Buy with a price target of $62.00 (from $47.00).
The analyst comments "We are upgrading AOS to BUY from Neutral. Following a check in with management, we believe most internal initiatives in NA and China are on track. Key data we track to gauge AOS's operating environment are turning upward. We now believe there could be upside to our 2H20 EPS forecasts. We are also raising our 2021 estimates and are establishing 2022 forecasts. Furthermore, we believe AOS's large replacement sales and well capitalized balance sheet, bottoming demand in China and Fed commentary that rates will stay low into 2023 mitigate risks in our forecasts and the stock. We are raising our price target."
Shares of AO Smith closed at $51.75 yesterday.
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