UPDATE: Rosenblatt Upgrades Xylem (XYL) to Buy; Co. Proves Resiliency
- U.S. stocks, dollar sluggish, all eyes on Fed meet this week
- Tesla (TSLA) Tops Q2 EPS by 49c, Revenues Beat
- Chinese Tech Stocks Crushed on Fresh Regulatory Pressure
- Nearly $1 Billion Bitcoin (BTC) Shorts Liquidated Today Amid Amazon (AMZN) Rumors
- Aon (AON) and Willis Towers Watson (WLTW) Mutually Agree to Terminate Combination Agreement
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - July 14, 2020 10:46 AM EDT)
(updated to add analyst comments)
Rosenblatt analyst Scott Graham upgraded Xylem (NYSE: XYL) from Neutral to Buy with a price target of $85.00 (from $70.00) following positive pre-announcement.
The analyst commented, "XYL's positive preannounce for 2Q20 sales and earnings reflected a resilience of its water businesses, in our view, which was in question following the poor sales guidance for 2Q20 provided with 1Q20 earnings. We also saw nice expense leverage but also a much better than expect ability to clamp down on discretionary expenses; these factors are reflected in the large upgrade to the 2Q20 EPS guidance range. Separately, contract wins were announced and support a case of unchanged water and metering needs of customers. With our estimate increases combined with the stock's under performance year to date, we are upgrading XYL to BUY and increasing our PT to $85."
Shares of Xylem closed at $67.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla (TSLA) IR Sent an E-Mail on Friday Suggesting a Q2 'Beat'
- Raffles Medical (RFMD:SP) (RAFLF) PT Raised to SGD1.08 at Goldman Sachs
- PetroChina Co Ltd (A-Shares) (601857:CH) (PTR) PT Lowered to HK$7.50 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesEarnings, Rosenblatt
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!