UPDATE: Stifel Downgrades Xylem (XYL) to Hold
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Stifel analyst Nathan Jones downgraded Xylem (NYSE: XYL) from Buy to Hold with a price target of $100.00 (from $95.00).
The analyst comments "We are moving our rating on XYL shares to Hold with a $100 target price based on 21x 2021E EBITDA. We expect to see a solid recovery in spending in the majority of Xylem's end markets in 2021, with the exception of capital projects, and believe Xylem will likely outgrow its end markets in the long run with its focus on higher growth markets and digital leadership across the water space. With the stock currently trading at 21x 2021E EBITDA we think the positive prospects for the company are appropriately reflected in the current price and so move to the sidelines."
Shares of Xylem closed at $97.14 yesterday.
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