Wedbush reiterated a Neutral rating on Watts Waters (NYSE: WTS), and raised the price target to $57.00 (from $55.00), following the company's 4Q earnings report. The company reported adjusted EPS of $0.59 versus consensus estimates of $0.53 on greater-than-expected revenues and slightly better margins. Adjusted operating income was $35.4 million versus Wedbush's estimate of $33.3 million.

Analyst David Rose commented, "Results reaffirm operating progress, with outlook unchanged. While results were better than expected, core revenues and operating income were generally inline with our forecast. Meanwhile, the outlook for 2016 is fairly consistent with our current view. We believe Watts will continue to benefit from ongoing productivity and cost reduction actions along with progress on its commercial excellence program. However, in our view, the upside to the share price is modest."

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Shares of Watts Waters closed at $51.84 yesterday.