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A.O. Smith cut to Hold at Loop Capital on deteriorating water heater market
The Fly

A.O. Smith cut to Hold at Loop Capital on deteriorating water heater market

Loop Capital analyst Scott Graham downgraded A.O. Smith to Hold from Buy with a price target of $65, down from $67. The AHRI data for November water heaters market shipments has been disappointing and the housing market, which directly impact the stock, has also weakened weakened further, the analyst tells investors in a research note. The outlooks for the residential and commercial water heaters markets, where A.O. Smith derives 60% of its sales, have deteriorated, Graham adds, even though he still sees some 2023 green shoots that include improving China sales and the company’s cash position that is "primed for deals".

Published first on TheFly

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