KeyBanc Upgrades Watts Waters (WTS) to Buy

KeyBanc upgraded Watts Waters (NYSE: WTS) from Hold to Buy with a price target of $65.00.

Analyst Jeffrey D. Hammond said, "We are upgrading WTS to BUY (from HOLD) and initiating a $65 price target based on the Company’s favorable end market exposures, which include an early catalyst in a broader based U.S. non-residential construction recovery, supportive and ongoing growth in Residential, coupled with the ramping dynamic behind repair/replace activity, and a wider runway in Europe (~40% of revenue) thanks to easier core compares (excluding product rationalization). In addition, we are constructive on WTS’s new management in place, led by the recent CEO appointment of Bob Pagano, who will bring a wealth of operational improvement and emerging market experience from his time at Flowserve and ITT Corporation (ITT-NYSE; BUY; $50; Analyst: Summerville) to complement the existing team’s progress in cementing key tenets of urgency, accountability and cultural change across the organization, under CFO Dean Freeman’s leadership."

For an analyst ratings summary and ratings history on Watts Waters click here. For more ratings news on Watts Waters click here.

Shares of Watts Waters closed at $58.55 yesterday.

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