Stifel analyst Nathan Jones raised the price target on AO Smith (NYSE: AOS) to $76.00 (from $75.00) while maintaining a Buy rating.

The analyst commented, "AHRI industry data shows both residential and commercial volumes continue to decline both y/y and sequentially in April and May (June data unavailable) with revenue supported by price and acquisitions. Renewed steel inflation will likely see A.O. Smith implementing further price increases to offset rising costs, which likely sees support for the revenue outlook but offsets with pressure on margins. Management pointed to an update on the China business strategic review where we believe the most likely outcome is the status quo, an outcome likely viewed negatively by investors."