UPDATE: Stifel Downgrades Watts Waters (WTS) to Hold
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Stifel analyst Nathan Jones downgraded Watts Waters (NYSE: WTS) from Buy to Hold with a price target of $124.00 (from $123.00).
The analyst comments "We are moving our rating on WTS shares to Hold with a $124 target price. Watts management has done an exceptional job, in our view, driving operational excellence into the company to expand margins. We also believe the company has made smart investments to reinvigorate the product portfolio and take digital leadership to drive market outgrowth. As we head into 2021 we expect to see an air pocket in demand in certain parts of the non-residential markets impact Watts revenue, with uncertainty extending to repair and replace as customers struggle with cash flow."
Shares of Watts Waters closed at $117.53 yesterday.
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